LAGOS, Nigeria – In a major move on the Nigerian Exchange (NGX), the Chairman of First HoldCo Plc, Femi Otedola, has significantly increased his majority stake in the financial institution through a massive share purchase valued at approximately ₦43.41 billion.
Okay News reports that the transaction, executed on Wednesday, May 13, 2026, saw the billionaire investor acquire 549,535,653 units at an average market price of ₦79 per share. This strategic acquisition further solidifies Otedola’s influence over the group, following a year of intense competition for control within the board.
According to the latest regulatory filings from the NGX, Otedola’s total stake in First HoldCo Plc has now climbed to 8,604,850,139 units, up from the 8.05 billion units reported in the group’s 2025 audited accounts. With this purchase, his direct and indirect ownership has risen to 19.35% of the 44.45 billion ordinary shares outstanding.
The acquisition triggered a surge in market activity, with trading volumes for the stock crossing 563 million shares by mid-day. This renewed investor confidence has propelled the stock’s year-to-date return beyond 57%, reflecting strong market sentiment regarding the leadership and future direction of the bank under Otedola’s chairmanship. The move is seen by financial analysts as a firm signal of the chairman’s long-term commitment to the group’s growth and stability.
