Otedola increases share, purchases ₦1.21b in First HoldCo

Femi Otedola

Group Chairman of First HoldCo Plc, Olufemi Otedola, has raised his investment in the company through the acquisition of 39,313,379 ordinary shares valued at ₦1.21 billion, according to a disclosure filed with the Nigerian Exchange (NGX) on Thursday.

The transaction, executed on September 23, 2025, at a share price of ₦31 per unit under the identification code NGFBNH000009, increased Otedola’s direct shareholding in First HoldCo to 3,251,346,245 units, representing 7.77 percent of the company’s issued shares. His indirect holdings now stand at 3,491,125,586 units, or 8.34 percent, following a concurrent purchase of 25,565,289 shares by Calvados Global Services Limited, a company connected to Otedola.

Prior to the acquisitions, Otedola’s direct stake was 3,212,032,866 shares (7.67%) and his indirect stake was 3,465,560,297 shares (8.28%), according to the company’s second-quarter financials released on July 30, 2025.

“Through these transactions, I continue to consolidate my position as a shareholder committed to the long-term growth of First HoldCo Plc,” Otedola said in a statement accompanying the NGX disclosure. The acquisitions together represent a total of 64,878,668 shares, valued at over ₦2.01 billion, further solidifying his influence in the company where he serves as Chairman.

The stock trades of Otedola and his related company coincided with increased market activity, pushing First HoldCo’s daily trading volume to 100.9 million shares, surpassing the 86.4 million shares traded on July 17. Analysts noted that the transactions occurred near a support level of ₦30 per share, which may attract additional investor interest given the company’s ongoing upward trend.

First HoldCo’s financial performance for the half-year ending June 30, 2025, showed a pretax profit of ₦356.1 billion, with the second-quarter profit reported at ₦169.6 billion. The group recorded a 61.92 percent increase in interest income to ₦812.1 billion, driven by loans and advances of ₦910.3 billion and investment securities of ₦445.7 billion. Net interest income rose 87.32 percent to ₦539.6 billion, while net fee and commission income improved to ₦74.5 billion from ₦58.4 billion in the previous year.

While he commented on the company’s performance, Otedola said, “First HoldCo continues to show resilience and steady growth across its business segments. The latest share purchases reflect confidence in the company’s strategy and future prospects.”