LAGOS, Nigeria – Nigerian businessman Femi Otedola acquired an additional 1.77 billion shares in First HoldCo Plc for N222.20 billion (approximately $148 million) on Thursday, July 30, 2026.
Okay News reports that a regulatory filing from the Nigerian Exchange confirmed the transaction was executed through his investment vehicle, Calvados Global Services Limited.
The acquisition increases his shareholding in the financial institution from 9.99 billion shares to 11.77 billion shares. His ownership stake in the company rose from 21.96 per cent to 25.88 per cent.
This transaction follows an earlier purchase on July 22, when he acquired 706.13 million shares valued at N77.58 billion (approximately $51.7 million).
His total investment in the company is now valued at an estimated N1.47 trillion (approximately $980 million). Under the rules of the Investments and Securities Act and the Securities and Exchange Commission, any shareholder who acquires 30 per cent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer.
The financial institution recently overtook Zenith Bank to become the most valuable banking stock by market capitalisation on the exchange.
