Femi Otedola’s First HoldCo Stake Soars to N1.82trn as Share Price Hits N149.90
- By Metropolix ~
- September 3, 2026 --
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— Femi Otedola
By Bunmi Onakan
Calvados Global Services acquires 2.87bn additional shares worth about N351.17bn, pushing Otedola-associated holdings to an estimated 26.71%.
The market value of Femi Otedola’s disclosed and implied stake in First HoldCo Plc has surged to approximately N1.82 trillion, following aggressive share acquisitions by Calvados Global Services Limited, an entity associated with the billionaire businessman.
The latest development comes after First HoldCo filed its Half-Year (H1) 2026 financial statements with the Nigerian Exchange Limited (NGX), showing that Otedola held 9.278 billion shares, representing 20.40 per cent of the financial institution as of June 30, 2026.
Since the H1 reporting date, Calvados Global Services Limited has acquired an additional 2.867 billion First HoldCo shares through five transactions executed between July 22 and August 24, 2026.
The acquisitions involved approximately N351.17 billion, based on the disclosed transaction prices.
Otedola’s stake rises to 26.71%
According to the H1 2026 financial statements, Otedola held 3.251 billion First HoldCo shares directly, representing 7.15 per cent of the company.
He also held 6.026 billion shares indirectly, equivalent to 13.25 per cent.
His combined holding as of June 30 therefore stood at 9.278 billion shares, representing 20.40 per cent of First HoldCo’s issued share capital of 45.475 billion shares.
At the H1 closing price of N56.05 per share, the stake was valued at approximately N520.02 billion.
However, following the additional acquisitions by Calvados Global Services, Otedola-associated holdings could now stand at approximately 12.145 billion shares, equivalent to about 26.71 per cent of First HoldCo’s issued shares, if the Calvados position is treated as part of his indirect interest.
At First HoldCo’s closing market price of N149.90 on September 2, 2026, the 12.145 billion shares would be worth approximately N1.82 trillion.
That represents an increase of about N1.30 trillion in market value compared with the N520.02 billion valuation at the end of June.
N351bn deployed in five transactions
The acquisition spree was carried out through Calvados Global Services Limited, a company linked to Otedola.
Insider-dealing notifications filed with the NGX show that the acquisitions were executed at prices ranging from approximately N109.88 to N140 per share.
The largest transaction took place on July 30, when Calvados acquired 1.779 billion First HoldCo shares at N124.90 per share.
The transaction alone represented approximately 3.91 per cent of First HoldCo’s issued share capital and accounted for about 63 per cent of the total N351.17 billion deployed across the five acquisitions.
The purchases came as First HoldCo’s share price embarked on a sharp upward trajectory, climbing from N56.05 at the end of June to N149.90 by September 2.
The stock gained another N3.20, or 2.18 per cent, on Wednesday to hit the new level.
From 20.40% to 26.71%
The additional 2.867 billion shares acquired by Calvados represent a significant increase over Otedola’s previously disclosed position.
If fully attributed to his associated interests, the billionaire’s holding would rise from 9.278 billion shares to approximately 12.145 billion shares.
That would increase his stake from 20.40 per cent to about 26.71 per cent.
The current N1.82 trillion valuation represents the market value of the combined position based on the September 2 closing price. It does not represent the amount Otedola or his associated entities paid to acquire the shares.
Ownership structure
As of June 30, 2026, First HoldCo’s free float stood at 25.735 billion shares, representing 56.59 per cent of issued share capital.
RC Investment Management Limited remained another major shareholder, with 10.434 billion shares, equivalent to 22.94 per cent.
If Otedola-associated interests are now estimated at 26.71 per cent, the two major shareholder blocs would collectively account for approximately 49.65 per cent of First HoldCo’s issued shares.
This leaves just over half of the company’s shares in other holdings and the broader free float, while highlighting the continued concentration of ownership among major investors.
Otedola’s First HoldCo journey
Otedola emerged as a major shareholder in the former FBN Holdings in 2021 and assumed the chairmanship of the company in January 2024.
He has previously described his investment as a deliberate, phased acquisition aimed at rescuing, rebuilding and repositioning the financial institution.
His stake was reported to have reached 18.12 per cent in 2025, before rising to 20.40 per cent by June 2026.
Otedola has also indicated that his investment ambitions generally extend beyond a 51 per cent threshold, citing his previous ownership-building strategies involving Forte Oil and Geregu Power.
A rapidly expanding position
The latest transactions mark another significant step in Otedola’s growing influence in First HoldCo.
From a disclosed 20.40 per cent holding at the end of June, the additional acquisitions by Calvados Global Services could push his associated interest to approximately 26.71 per cent.
With the First HoldCo share price now trading at nearly three times its H1 closing level, the value of Otedola’s combined position has consequently risen to an estimated N1.82 trillion, further cementing his position as one of the most influential shareholders in Nigeria’s banking sector.
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