Otedola lifts First HoldCo stake to 21.95% with fresh N77.59B share buy
What's the deal? First HoldCo Plc has disclosed that Calvados Global ServicesDealroom has a profile for this one. Try Dealroom → Limited, a company linked to chairman and largest individual shareholder Olufemi OtedolaDealroom has a profile for this one. Try Dealroom →, acquired an additional 706,131,179 ordinary shares at N109.88 each on July 22, 2026. The purchase is worth about N77.59bn.
The move lifts Otedola's total direct and indirect holdings to roughly 9.98 billion shares, or 21.95% of First HoldCo's 45.48 billion outstanding shares. His indirect stake through Calvados now stands at about 6.73 billion shares, alongside 3.25 billion held directly.
Why now? The acquisition follows First HoldCo's strongest half-year on record. The financial services group posted profit before tax of N653.54bn for the six months to June 30, 2026 — an 83.50% year-on-year jump from N356.15bn in H1 2025.
What's the endgame? Otedola has stated an ambition to build First HoldCo into a N1 trillion capital institution. The rising stake, filed with the Nigerian Exchange LimitedDealroom has a profile for this one. Try Dealroom → (NGX), signals confidence in the group's post-recapitalisation growth agenda.
Shares closed at N105.50 on July 20, 2026, valuing the group at about N4.80trn after a recent rally. Analysts expect the group to accelerate its capital vision as Otedola's stake nears 22%.
What could go wrong? Analysts say attention is shifting from capital restoration to earnings quality. Investors are expected to watch whether First HoldCo can generate recurring core earnings, improve loan loss coverage, and sustain capital buffers without leaning on volatile non-interest income.
The signal: A founder-linked entity steadily raising its stake, backed by record profits, points to insider conviction in the group's long-term trajectory. The test now is turning a stronger capital base into durable earnings.
Read more: Proshare
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