According to Premium Times, the Chairman of First HoldCo Plc, Femi Otedola, has further consolidated his position as the lead investor in the financial group by purchasing an additional 138 million shares valued at approximately N18.1 billion. The acquisition was carried out through Calvados Global Services Limited at a unit price of N131.2 per share.
The transaction increases Otedola’s equity stake by 0.30 percent, pushing his total shareholding to 27.16 percent of the institution’s issued share capital. In total, the business mogul now holds roughly 11.9 billion shares in First HoldCo, representing a portfolio valuation of approximately N1.74 trillion based on current market trading prices.
This capital injection follows Otedola’s participation in earlier capital-raise tranches, reinforcing the holding company’s ongoing balance sheet restoration strategy. Proceeds from the share issues are being channeled directly into First Bank of Nigeria Limited to fortify its capital adequacy ratio and overall financial resilience.
Complementary coverage by Vanguard underscored the strategic nature of the equity transaction, citing market analysts who noted that “the continuous investment by the majority shareholder reflects deep institutional confidence in the bank’s long-term recapitalisation roadmap.” Additionally, The Nation reported the regulatory filing, quoting financial market observers who stated that “First HoldCo’s capital augmentation efforts significantly boost commercial banking stability across West Africa.”
Echotitbits take:
Otedola’s aggressive equity acquisition reinforces investor confidence during a critical recapitalization era for Nigerian commercial banks. Moving forward, watching how First HoldCo deploys this capital into its flagship banking subsidiary will be key to measuring market competitiveness and asset expansion.
Source: Premium Times – https://guardian.ng/breakingnews/otedola-moves-closer-to-majority-control-of-first-holdco-as-stake-hits-26-1/, August 7, 2026
Photo credit: Premium Times Nigeria
