Capital market billionaire Femi Otedola has increased his stake in First HoldCo Plc after acquiring 549.5 million additional shares valued at approximately N43.41 billion. The transaction was disclosed in an insider dealing notice filed with the Nigerian Exchange (NGX) on Wednesday, May 13, 2026.
According to the filing, the shares were purchased on May 13, 2026, at N79 per share. A total of 549,535,653 ordinary shares were involved in the deal. The purchase was executed through Calvados Global Services Limited, a company linked to Otedola, who serves as chairman of the financial institution.
Otedola's Stake Rises Amid Strong Investor Interest
Following the latest acquisition, Otedola's total stake in First HoldCo has increased from 8.05 billion shares recorded in the company's 2025 audited financial statement to roughly 8.6 billion shares. Market data from the NGX indicates that the purchase further cements his position as the company's largest shareholder, tightening his control over the financial services group.
The move comes at a time when investor interest in First HoldCo shares has grown significantly, driven by the company's strong first-quarter financial performance. In December 2025, Otedola had also expanded his holdings by purchasing additional shares worth N14.8 billion, raising his ownership stake to 18.12%.
Otedola Exits Geregu Power With N1.088 Trillion Stake Sale
Earlier reports revealed that Otedola fully exited Geregu Power Plc after selling his controlling interest in a deal valued at N1.088 trillion, equivalent to about $750 million. Under the agreement, Otedola transferred his 95% equity stake in Geregu Power, held through Amperion, to MA'AM Energy Ltd, an integrated energy company based in Abuja. The multi-billion-naira deal officially hands over control of Geregu Power from companies linked to Otedola to MA'AM Energy, marking one of the largest transactions in Nigeria's power sector.
