Femi Otedola, chairman of First HoldCo Plc, expanded his holding in the company on 13 May 2026, purchasing 549,535,653 shares at an average price of N79 per share. The transaction, valued at roughly N43.41 billion, was disclosed in a filing to the Nigerian Exchange Limited (NGX) and signed by group company secretary Abiola Baruwa.
The new acquisition raised Otedola’s share count from 8,055,314,486 units reported in the FY 2025 audited accounts to 8,604,850,139 units, pushing his ownership to 19.36 per cent of First HoldCo. It marks his largest single purchase since assuming the chairmanship in January 2024.
The Nigerian billionaire’s previous share‑building activity began on 25 September 2025, when he bought 64.87 million shares for N2.01 billion. Of that, 39.3 million shares were acquired directly on 23 September for about N1.2 billion, while an additional 25.6 million shares worth N793.6 million were purchased indirectly through Calvados Global Services Limited on the same day. Those deals lifted his stake to 16.1 per cent, up from 13.15 per cent recorded in September 2024.
Otedola’s continued accumulation underscores confidence in First HoldCo’s growth prospects and reflects a broader trend of Nigeria’s high‑net‑worth individuals increasing exposure to listed equities. The heightened ownership may afford the chairman greater influence over corporate strategy as the company navigates a competitive market environment.
Investors will be watching how the enlarged stake translates into board dynamics and operational decisions, particularly as First HoldCo pursues its expansion agenda. Further filings with the NGX will confirm any additional moves by Otedola or other significant shareholders.
