Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial holding company to 25.87 per cent after acquiring an additional 1.779 billion ordinary shares valued at about N222.2 billion.

A regulatory filing submitted to the Nigerian Exchange (NGX) showed that Otedola purchased 1,779,094,976 ordinary shares at N124.90 per share, raising his total beneficial shareholding to 11,763,018,192 shares, representing 25.87 per cent of the company’s issued share capital.

At the transaction price of N124.90 per share, Otedola’s investment in First HoldCo is valued at about N1.47 trillion, making it one of the largest individual shareholdings in Nigeria’s financial services sector.

The latest acquisition came barely one week after Calvados Global Services Limited, a company linked to Otedola, purchased 706.13 million ordinary shares worth about N88.18 billion at the same price. Combined, the two transactions represent fresh investments of about N310.4 billion in just over one week.

The increased investment further strengthens Otedola’s position as the largest shareholder in First HoldCo and comes amid renewed investor interest in the company’s shares.

First HoldCo has been one of the Nigerian Exchange’s strongest-performing large-cap stocks in recent weeks, with its share price more than doubling over the past month as investors responded to improved earnings and the group’s recapitalisation programme.

The strong rally has also lifted the bank’s valuation above many of its peers, with the stock now trading at about 1.7 times its book value, supported by an annualised return on average equity of about 30 per cent.

The acquisition followed the group’s record half-year financial performance. For the six months ended June 30, 2026, First HoldCo posted a profit before tax of N653.54 billion, an increase of 83.5 per cent from N356.15 billion recorded in the corresponding period of 2025.

The group also reported interest income of N1.40 trillion, net interest income of N879.13 billion and net fee and commission income of N178.51 billion, while improving its asset quality, capital adequacy and operating efficiency.

First HoldCo has projected that its profit before tax will exceed N1.2 trillion for the 2026 financial year as the benefits of its recapitalisation programme and the clean-up of legacy non-performing loans continue to strengthen earnings.

Reacting to the latest acquisition, the Vice President of Highcap Securities Limited, David Adonri, said Otedola’s continued purchase of First HoldCo shares showed that he was deepening his ownership stake in the bank and steadily increasing his influence.

According to Adonri, Otedola now owns more than 25 per cent of the company’s shares, bringing him closer to a level where he could be required under capital market rules to make a mandatory tender offer to minority shareholders if his stake reaches 30 per cent.

He said, “He is deepening his ownership stake in the bank and moving closer to having effective control. Now that he has crossed 25 per cent, if he gets to 30 per cent, he will have to make a mandatory tender offer to minority shareholders. That could indicate a move towards effective control of the bank.”

Adonri, however, noted that Otedola has consistently maintained that taking control of the bank is not his objective, describing himself instead as a long-term investor.

“He has consistently said that it is not his intention to take over the bank but that he is a long-term investor. He is also disclosing all his share purchases to the public, which shows transparency and compliance with the rules and regulations guiding listed companies,” he added.