Billionaire investor Femi Otedola has increased his stake in FirstHoldCo Plc, the parent of First Bank of Nigeria, by acquiring additional shares worth N14.8 billion. The purchase brings his total ownership in the financial holding company to over 17 percent. According to a notice filed with the Nigerian Exchange Group on Thursday, Otedola’s investment vehicle, Calvados Global Services Limited, bought 369,986,122 shares on December 18 at N40.06 per share. This transaction is the latest in a series of acquisitions that Otedola has made over the past year to expand his holding in FirstHoldCo.
In September 2025, Otedola acquired 64.87 million shares valued at N2.01 billion, raising his stake to 16.1 percent from 13.15 percent recorded in September 2024. That September deal involved the purchase of 39.3 million shares directly and another 25.6 million shares indirectly through Calvados. With the recent acquisition, Otedola’s total investment in FirstHoldCo now exceeds N50 billion, reinforcing his position as a significant shareholder.
The move is seen as a vote of confidence in FirstHoldCo, which has been working to strengthen its operations and improve financial performance. Otedola’s increased stake is likely to influence the company’s strategy and direction, given his history of taking an active role in the businesses he invests in. His expanded ownership may lead to changes in leadership or operations at FirstHoldCo.
The development is expected to attract attention from investors and market watchers, who will be keen to see how Otedola’s larger stake impacts the company in the coming months. As one of the largest investors, his actions are likely to have a significant effect on the direction of FirstHoldCo and the broader Nigerian banking sector.
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