Nigerian billionaire Otedola adds 1.78 billion First HoldCo shares in latest purchase

Femi Otedola has spent about ₦222.2 billion on First HoldCo shares, raising his interest in the Nigerian financial group to 25.88%.

• Calvados Global Services bought 1,779,094,976 First HoldCo shares at ₦124.90 each.
• The transaction was worth about ₦222.21 billion, equivalent to roughly $160 million at recent exchange rates.
• Otedola’s interest rose from 21.96% to 25.88%, deepening his influence in one of Nigeria’s largest financial groups without amounting to full control.

Femi Otedola has spent about ₦222.21 billion on another block of First HoldCo shares, lifting his interest in the Nigerian financial group to 25.88%.

The purchase was made through Calvados Global Services Limited, a company related to Otedola, who is First HoldCo’s chairman and a significant shareholder.

Calvados acquired 1,779,094,976 ordinary shares at ₦124.90 each. Multiplying the disclosed price by the volume gives a consideration of approximately ₦222.21 billion, or about $160 million at recent exchange rates.

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The latest deal raises Otedola’s combined holding from about 9.99 billion shares, or 21.96%, to roughly 11.77 billion shares, or 25.88% of the company.

Business Insider Africa previously reported Otedola’s earlier $31.9 million First HoldCo share purchase, part of a series of acquisitions that has rapidly increased his exposure to Nigerian banking.

The new stake makes Otedola an even more influential shareholder, but it should not be described as full ownership or a completed takeover. First HoldCo remains a publicly traded company with other institutional and retail investors.

A record month of buying

The transaction is Otedola’s second major disclosed First HoldCo purchase in July. An earlier acquisition of 706,131,179 shares at ₦109.88 each was valued at about ₦77.58 billion.

Together, the two purchases amount to approximately ₦299.79 billion. The latest block alone is nearly three times the value of the earlier deal.

Business Insider Africa has also tracked the rising market value of Otedola’s First HoldCo stake as the company’s shares rallied. The newest purchase changes the underlying number of shares he owns, not merely the paper value of an existing position.

What the filing confirms

First HoldCo’s official insider-dealing notification identifies Calvados Global Services as the buyer and describes it as related to a significant shareholder, Otedola. It records the transaction on the Nigerian Exchange at ₦124.90 per share.

The filing does not identify the seller or explain why the block became available. It also does not state that the transaction transfers legal control of First HoldCo to Otedola.

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Those distinctions matter because a large minority stake can deliver considerable voting power and board influence without giving its holder all the rights of a sole or controlling owner.

Why First HoldCo matters

First HoldCo is the parent of First Bank of Nigeria and other financial services businesses. Its scale gives ownership changes significance beyond the personal fortune of one investor.

Business Insider Africa previously reported that First HoldCo posted a $303 million profit for the first nine months of 2025, although that performance period predates the latest share purchase and should not be presented as the group’s current result.

Otedola has concentrated more of his public investment profile on financial services after exiting other major holdings. Business Insider Africa reported his $750 million Geregu Power divestment, which ended a long investment cycle in Nigeria’s electricity sector.

The latest filing provides a clear measure of that shift: nearly ₦300 billion committed to First HoldCo shares in two disclosed purchases within the same month.