Femi Otedola has spent about ₦338.6 billion on First HoldCo shares in less than four weeks, pushing his stake in the financial services group to roughly 27.49 per cent.This figure covers four major share purchases between July 22 and August 14, 2026, and forms part of a wider accumulation drive that has run through most of the year.
His latest transaction came through Calvados Global Services Limited, an investment vehicle linked to him. Calvados bought 147.74 million First HoldCo shares at ₦140 each, bringing the deal to about ₦20.68 billion.First HoldCo reported the transaction to the Nigerian Exchange on August 17 and confirmed that Calvados completed the purchase on August 14. Following the deal, Otedola’s total shareholding rose to approximately 27.49 per cent of the company.
However, this latest purchase matters more when you view it alongside Otedola’s recent buying spree.On July 22, Calvados bought 706.13 million shares for ₦77.59 billion at ₦109.88 per share. Eight days later, Otedola added another 1.779 billion shares worth about ₦222.2 billion at ₦124.90 per share. He followed that with another purchase on August 6, when Calvados bought 138.04 million shares for ₦18.11 billion at ₦131.20 per share, taking his stake from 25.8 per cent to about 26.1 per cent at the time.
Add the latest ₦20.68 billion transaction, and the four purchases come to roughly ₦338.6 billion in 23 days.
These four transactions don’t represent Otedola’s first buying spree, though. He also acquired 549.54 million shares worth about ₦43.41 billion in May, and a further 672.9 million shares worth ₦29.6 billion in June during First HoldCo’s private placement programme. The July-to-August run simply marks the latest and largest phase of an accumulation drive that has continued since 2025.
This pattern also shows how much Otedola has been willing to pay as First HoldCo’s share price climbs.His July 22 acquisition cost ₦109.88 per share. The July 30 deal came at ₦124.90. By August 6, he paid ₦131.20, and his latest purchase cost ₦140 per share. In other words, a rising share price hasn’t slowed his accumulation at all.
These purchases also strengthen Otedola’s position as First HoldCo’s dominant shareholder, with his stake climbing steadily from 25.8 per cent in early August to 27.49 per cent by mid-August.
That said, Otedola has sent mixed signals about his ultimate target. Earlier in August, he told Nairametrics that his investment threshold typically involves ownership above 51 per cent and cited past examples, including Forte Oil and Geregu Power, where he moved from minority stakes to majority control. He also said he had invested more than ₦600 billion of his personal wealth in First HoldCo.
However, more recent reporting suggests Otedola has given no indication that he plans to cross the 51 per cent threshold, and has consistently framed his buying as a long-term investment rather than a route to outright control.
That tension leaves the endgame unclear. Otedola has openly stated a preference for majority ownership in the past, but his most recent public posture leans toward continued accumulation without an explicit takeover target
Also Read: First HoldCo Made ₦526 Billion in Six Months. Can It Keep Growing?
Earnings Back the Rally
Otedola’s buying spree comes as First HoldCo reports stronger financial results.
The group recorded ₦653.54 billion in profit before tax in the first half of 2026, up 83.5 per cent from ₦356.15 billion a year earlier. Profit after tax rose 81.57 per cent to ₦526.13 billion, while gross earnings rose to ₦1.93 trillion. Customer deposits climbed to ₦21.93 trillion, and total assets reached ₦30.6 trillion.
These numbers have helped keep investor attention firmly on the company. First HoldCo’s share price touched an all-time high of ₦140 per share in mid-August, pushing its market capitalisation past ₦6 trillion and cementing its position as Nigeria’s most valuable listed banking group.
Still, stronger headline earnings don’t remove every concern. Non-interest income drove a large part of the improvement, while the group’s non-performing loan ratio increased during the period. That makes the sustainability of First HoldCo’s earnings another issue for investors to watch.
For now, Otedola continues to put more money behind his conviction. The four transactions since July 22 alone have cost him about ₦338.6 billion, on top of earlier 2026 purchases in May and June. His latest ₦20.68 billion acquisition shows that even First HoldCo’s higher share price hasn’t slowed his buying spree, though how far he intends to take his stake remains an open question.
