Chairman of First HoldCo Plc, Femi Otedola, has deepened his investment in the financial services group with the acquisition of additional shares valued at about N14.8 billion, lifting his ownership to more than 18 per cent.

The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) and signed by the group company secretary, Abiola Baruwa yesterday. According to the notice, the shares were acquired through Calvados Global Services Limited, an investment vehicle linked to the billionaire investor.

Details of the filing show that Otedola purchased 369,986,122 ordinary shares of First HoldCo at N40.06 per share on December 18, bringing the value of the deal to approximately N14.82 billion. The latest purchase further consolidates his position as the single largest shareholder in the holding company.

The acquisition follows a series of stake-building moves by Otedola over the past year. On September 25, 2025, he increased his interest in First HoldCo with the purchase of 64.87 million shares valued at N2.01 billion. Of this amount, 39.3 million shares were acquired directly on September 23 for about N1.2 billion, while an additional 25.6 million shares worth N793.6 million were bought indirectly through Calvados Global Services Limited on the same day.

Those earlier transactions raised his shareholding to 16.1 per cent, from the 13.15 per cent stake recorded in September 2024. With the latest purchase, Otedola has pushed his ownership beyond the 18 per cent threshold, reinforcing his long-term commitment to the banking and financial services group amid ongoing reforms and consolidation in Nigeria’s financial sector.

Reacting on the development, the president of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude described the investments by the bank’s chairman and other directors as a positive signal that underscores strong confidence in the institution’s future and leadership.

According to Igbrude, the decision by the chairman and members of the board to commit additional personal funds to the bank is a clear indication that the institution is in safe hands. He noted that such investments are widely regarded as good omens in the market, as they reflect an insider belief in the bank’s strategy, governance and long-term growth prospects.

He explained that a chairman would not inject more capital into the bank unless there was a firm resolve to deliver a successful turnaround.

In his view, the move demonstrates the determination of the leadership team to stabilise the bank, strengthen performance and create value, while also signalling that there are significant opportunities for future gains as the recovery plan unfolds.

Igbrude also appealed to shareholders to exercise patience, stressing that the current developments point to brighter days ahead.

He urged investors who share the long-term vision of the board to remain committed, expressing confidence that there is light at the end of the tunnel as the bank positions itself for sustained growth and improved returns.