Manny Ita –
Nigerian billionaire businessman Femi Otedola has increased his stake in First HoldCo Plc after acquiring shares valued at approximately ₦43.41 billion on the Nigerian Exchange.
The latest acquisition involved the purchase of 549.5 million shares at an average price of ₦79 per unit, significantly strengthening Otedola’s influence in the financial institution where he currently serves as chairman.
Following the transaction, Otedola’s total holdings in First HoldCo rose from 8.05 billion shares to about 8.60 billion shares, increasing his ownership stake from 18.12% to 19.35% of the company’s outstanding shares.
The development makes him the second-largest shareholder in the group, behind RC Investment Management Ltd, which controls a 23.47% stake.
Investor activity around the stock surged after the acquisition, with trading volume crossing 575 million shares on May 13 — the highest single-day volume recorded for the stock in 2026. The company’s share price performance has also remained strong, posting a year-to-date return of more than 57%.
The acquisition comes ahead of First HoldCo’s planned ₦253 billion capital raise, expected to be discussed at the company’s Annual General Meeting on May 29. The bank is targeting a broader capital base of about ₦1 trillion through a mix of public offers, private placements, rights issues and other equity instruments.
The company also reported strong Q1 2026 financial results, with pretax profit rising by 72.2% to ₦321.1 billion, driven by growth in both interest income and non-interest revenue streams.
First HoldCo currently has a market capitalisation exceeding ₦3 trillion, reinforcing its position as one of the largest financial institutions listed on the Nigerian Exchange.
