Billionaire businessman Femi Otedola has further increased his investment in First HoldCo Plc after acquiring 147.74 million additional shares in the financial services group for N20.7 billion.
The transaction, executed on 14 August at N140 per share, was carried out through Calvados Global Services Limited, an investment vehicle associated with Otedola.
The latest acquisition brings the value of his disclosed share purchases in First HoldCo in 2026 to approximately N412 billion, further strengthening his position in the group.
Otedola, who serves as chairman of First HoldCo, has been steadily increasing his stake and has previously indicated his intention to raise his ownership in the company beyond 51 per cent.
His acquisitions have accelerated significantly in recent months.
In May, he purchased 549.54 million shares for approximately N43.41 billion. The following month, he acquired another 672.9 million shares worth N29.6 billion through the company’s private placement programme.
His buying intensified in July, when he purchased 706.13 million shares for about N77.58 billion on 22 July.
Later that month, Otedola made his largest disclosed purchase of the year, acquiring 1.78 billion shares at a total cost of approximately N222.21 billion.
He followed the transaction with the acquisition of a further 138.04 million shares for N18.11 billion in early August.
The latest N20.7 billion purchase takes the value of the disclosed transactions recorded for 2026 to roughly N412 billion.
Otedola’s continued accumulation has coincided with a strong rally in First HoldCo’s share price.
The company’s shares closed at N140 on 17 August, after reaching an intraday high of N150 earlier in the month.
The sustained buying has consequently become a major development for investors monitoring the financial services group, particularly as Otedola advances towards his stated objective of securing a majority stake.
His increasing ownership could have significant implications for the company’s shareholding structure and future strategic direction, as investors continue to monitor whether the billionaire will make further acquisitions.
