Billionaire investor and Group Chairman of First HoldCo Plc, Femi Otedola, has further cemented his majority control of the financial group through a massive N18.11 billion insider transaction on the Nigerian Exchange Limited (NGX).
According to a regulatory filing released by Group Company Secretary Abiola Baruwa, Calvados Global Services Limited—a corporate entity directly affiliated with Otedola—purchased 138,041,465 ordinary shares on Thursday, August 6, 2026. The transaction was formally reported to the market the following day.
The entire block of shares was bought at a uniform execution price of N131.20 per share, making it one of the largest single-day direct equity acquisitions by an insider on the Nigerian bourse this year.
Strategic long-term vision for First HoldCo
This latest move marks Otedola’s third significant equity expansion in less than three weeks, following substantial purchases in late July 2026. With this acquisition, his overall beneficial ownership in First HoldCo Plc stands at approximately 27.16% of the company’s total issued share capital.
The aggressive equity accumulation comes as First HoldCo navigates the Central Bank of Nigeria’s mandatory recapitalisation guidelines. Otedola reaffirmed that his investments reflect a dedicated multi-year transformation plan rather than short-term market speculation.
“That figure speaks not to speculation but to unflinching confidence in the institution’s future and my unwavering commitment to its success,” Otedola stated in a recent strategic update. “If you look at my antecedents, my investment threshold is always centred on long-term value creation.”
Capital market analysts project positive sentiment
Financial analysts believe the multi-billion-naira capital injection provides a strong vote of confidence in First HoldCo’s operational trajectory and balance sheet strength.
Ade Ojapa, a Lagos-based capital market analyst, noted that insider transactions of this scale typically boost trading sentiment and liquidity while reassuring investors about the group’s long-term earnings potential amid ongoing industry recapitalisation.
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