The chairman of First HoldCo, the billionaire Femi Otedola, has strengthened his position in the financial services group after acquiring 1.77 billion additional shares worth more than 222 billion naira, an amount put at about 160 million dollars. The move deepens an investment he has been steadily building in one of Nigeria's largest banking groups.
The latest acquisition was executed through his investment vehicle, Calvados Global Services Limited. According to the account of the transaction, the purchase raises his total holding to nearly 11.96 billion shares, a position valued at about 1.07 billion dollars at current prices.
The purchase increases his stake to about 26 percent, further consolidating his position as the largest shareholder in First HoldCo. The additional shares add to a holding that had already made him a dominant figure on the group's share register.
The milestone makes Otedola the first Nigerian investor to build a billion dollar equity stake through open market share purchases, a distinction that sets his accumulation apart from stakes assembled through other routes. It marks a notable point in the group's ownership story.
The move also comes as First HoldCo has emerged as Nigeria's most valuable banking group by market capitalization, overtaking its peers following a strong rally in its share price. The rise has placed the group at the top of the ranking of the country's banking stocks.
First HoldCo shares closed at 127 naira, up from 47.90 naira at the end of 2025, a gain of about 165 percent. The company's market capitalization has also surged, supported by both the sharp rise in its share price and its recapitalization program, which increased the number of shares in issue.
Under Nigerian takeover regulations, a shareholder who acquires more than 30 percent of a listed company must make a mandatory offer to the other shareholders. With a stake of about 26 percent, Mr Otedola remains below that threshold, leaving room beneath the level at which such an offer would be triggered.