First HoldCo Stake: Otedola Buys $15.2M More Shares

In Short

• Femi Otedola bought 147.74 million more First HoldCo shares for about ₦20.68 billion ($15.2 million).
• His stake in First HoldCo is now 27.49%, up from 27.16%.
• Disclosed purchases in 2026 are now estimated at over $300 million.

What Happened

First HoldCo is back in focus after Femi Otedola increased his ownership again. The investor bought 147.74 million shares at ₦140 per share, according to a regulatory disclosure.

The transaction was made through Calvados Global Services Limited. It pushed Otedola’s stake in First HoldCo, the parent company of FirstBank, to 27.49%.

Local reports say this is the latest in a series of share purchases in 2026. Estimates put Otedola’s disclosed buying this year at roughly ₦412 billion, which is more than $300 million at the official exchange rate.

Otedola’s position is now about 12.05 billion shares. That is a large jump compared to the roughly 5.65% stake he held at the end of 2023, before becoming chairman in January 2024.

Why It Matters

Nigeria’s Securities and Exchange Commission rules require a mandatory takeover offer once an investor crosses 30% ownership. A mandatory offer means the investor must make a formal bid to buy shares from all remaining shareholders, not just buy quietly on the open market.

At 27.49%, Otedola is about 2.51 percentage points away from that threshold. If he keeps buying, he may soon have to choose between triggering a public offer or slowing down.

There is also a moving target problem. First HoldCo is pursuing an equity capital raise to meet the Central Bank of Nigeria’s higher minimum capital requirements for banks. A capital raise increases the total number of shares, which can dilute existing shareholders unless they buy more.

For operators and investors watching Nigeria’s banking sector, the next few percentage points could shape control of one of the region’s oldest banking groups, with operations across multiple West and Central African markets and the UK.