Otedola Raises First HoldCo Stake with N43.4 Billion Share Purchase
By Enemona Samuel Endurance
Olufemi Otedola, Chairman of First HoldCo Plc, has increased his ownership in the financial services group after acquiring additional shares worth approximately N43.41 billion.
The Business Bureau reports that the latest transaction further consolidates Otedola’s position as one of the most influential shareholders in the company.
Details of the Share Acquisition
The transaction was executed on the Nigerian Exchange (NGX) on May 13, 2026.
According to market data, Otedola purchased 549,535,653 ordinary shares at an average price of N79 per share.
The total value of the acquisition is estimated at N43.41 billion.
Following the purchase, Otedola’s shareholding in First HoldCo Plc rose from 8,055,314,486 shares, as disclosed in the company’s 2025 audited financial statements, to 8,604,850,139 shares.
Investor Interest Drives Trading Volume Higher
The announcement triggered strong investor interest in First HoldCo shares.
By mid-trading on the NGX, transaction volume had exceeded 563 million shares, reflecting heightened market activity and renewed investor confidence.
The stock’s year-to-date return also climbed above 57%, underscoring robust momentum in the company’s share price performance in 2026.
Otedola Deepens Influence in First HoldCo
The additional acquisition significantly strengthens Otedola’s strategic position in First HoldCo, the parent company of First Bank of Nigeria and several other financial services businesses.
Analysts say the move signals strong confidence in the group’s long-term growth prospects and ongoing transformation efforts.
Otedola became a major shareholder in the company in 2021 and has steadily increased his stake over the years.
Market Watches for Further Developments
The latest share purchase is expected to attract close attention from investors and market participants as they assess its implications for ownership structure, governance, and future strategic decisions within the group.
The Business Bureau will provide further updates as additional details emerge.