Billionaire investor Femi Otedola has increased his stake in FirstHoldCo Plc, the parent company of First Bank of Nigeria, with the acquisition of additional shares worth N14.8 billion. This latest transaction brings his total ownership in the financial holding company to over 17 percent.

According to a notice filed with the Nigerian Exchange Group (NGX) on Thursday, Otedola’s investment vehicle, Calvados Global Services Limited, purchased 369,986,122 shares on December 18 at N40.06 per share. This purchase is the most recent in a series of acquisitions by the businessman, who has been expanding his holding in FirstHoldCo over the past year.

In September 2025, Otedola acquired 64.87 million shares valued at N2.01 billion, which increased his stake to 16.1 percent from 13.15 percent recorded in September 2024. The September transaction involved the purchase of 39.3 million shares directly and another 25.6 million shares indirectly through Calvados.

The latest acquisition reinforces Otedola’s position as a significant shareholder in FirstHoldCo, with his total investment in the company now exceeding N50 billion. The move is seen as a vote of confidence in the financial holding company, which has been working to strengthen its operations and improve its financial performance.

Otedola’s increased stake in FirstHoldCo is likely to have implications for the company’s strategy and direction, given his significant influence as a major shareholder. The billionaire investor has a track record of taking an active role in the companies he invests in, and his expanded ownership in FirstHoldCo may lead to changes in the company’s leadership or operations.

The development is also expected to attract attention from investors and market watchers, who will be keen to see how Otedola’s increased stake in FirstHoldCo plays out in the coming months. As one of the largest investors in the company, Otedola’s actions are likely to have a significant impact on the direction of FirstHoldCo and the broader Nigerian banking sector.