Femi Otedola isn’t slowing down. Nigeria’s billionaire investor has once again added to his position in First HoldCo Plc, buying up another 138.04 million shares in a deal worth roughly N18.11 billion. The purchase, disclosed in a regulatory filing on August 7, pushes his total ownership in the financial services group from 25.8 percent to 26.1 percent, and cements his status as the largest individual shareholder in Nigeria’s most valuable listed banking group.
The transaction was executed through Calvados Global Services Limited, the investment vehicle Otedola has consistently used to build his position in the company, formerly known as FBN Holdings. Trading records show the shares changed hands on the floor of the Nigerian Exchange (NGX) on August 6, at N131.20 apiece.
A Stake That Keeps Climbing
This latest move brings Otedola’s total holding in First HoldCo to roughly 11.99 billion shares. It’s the continuation of a buying spree that has barely paused since late July, when he acquired 1.78 billion shares worth about N222.2 billion in a single transaction, at the time, the biggest jump in his shareholding since he first became the company’s top individual investor in 2021.
Put the two purchases side by side and the pace becomes clear. On July 30, Otedola’s stake moved from 21.96 percent to roughly 25.9 percent. Barely a week later, the August 6 purchase pushed it further, past the 26 percent mark. For a company with thousands of shareholders trading daily on the NGX, that kind of sustained accumulation by one investor is hard to ignore.
Based on First HoldCo’s share price of around N146 as of early trading on August 7, Otedola’s total position in the company is now worth somewhere in the region of N1.7 trillion, according to filings tracked by market analysts. That figure has been moving fast, First HoldCo shares touched a record N140 just a day earlier, on August 6, lifting the company’s market capitalisation to about N6.37 trillion and making it Nigeria’s most valuable publicly listed banking group, ahead of longtime rival Zenith Bank.
Why He’s Buying — In His Own Words
Otedola hasn’t been shy about explaining the strategy behind the buying spree. In an interview earlier in August, the First HoldCo chairman revealed that he has now committed more than N600 billion of his personal funds to the company, framing it as a long-term, deliberate bet rather than a short-term trading play.
He also laid out his general investment philosophy: he prefers to hold majority stakes wherever he invests, typically pushing for control above 51 percent. According to Otedola, this kind of concentrated ownership isn’t about sidelining smaller shareholders; it’s about having the authority needed to push through reforms, restructure operations, and build long-term value that eventually benefits everyone holding stock in the company.
That comment has fuelled plenty of market chatter. With his stake now sitting just under the regulatory threshold, speculation over his long-term intentions for First HoldCo has only intensified.
The 30% Question
Nigerian securities law puts a hard line at 30 percent. Under the Investments and Securities Act and rules set by the Securities and Exchange Commission (SEC), any shareholder who crosses that threshold in a listed company is obligated to make a mandatory takeover offer to the remaining shareholders. Otedola’s stake, now above 26 percent and climbing steadily with each new filing, is edging closer to that trigger with every transaction.
Whether he intends to cross it, and take on the obligations that come with a full takeover bid remains an open question. What’s clear is that the buying pattern shows no sign of slowing, and each new disclosure to the NGX only adds to speculation about where this is heading.
A Longer Story: From FBN Holdings to Market Leader
Otedola’s relationship with the bank stretches back years. He first emerged as a major shareholder in December 2021, when he lifted his stake in what was then FBN Holdings from 5.07 percent to 7.57 percent, overtaking businessman Tunde Hassan-Odukale for the top individual spot. That contest for dominance played out gradually, with Otedola steadily adding to his position over subsequent years.
The more recent acceleration traces back to First HoldCo’s N350 billion private placement programme, structured to raise fresh capital for First Bank of Nigeria Limited, the group’s flagship commercial banking subsidiary, as part of a broader capital restoration and balance sheet strengthening effort. Otedola participated in the second tranche of that placement in June, picking up 672.9 million shares at N44 each. He followed that with a 706.13 million share purchase on July 22, worth about N77.58 billion, before the much larger 1.78 billion share acquisition on July 30 and now the August 6 top-up.
What It Means for the Market
For ordinary investors watching First HoldCo’s share price rally, Otedola’s continued buying carries a few implications worth noting:
- Shrinking free float: As his stake climbs toward, and potentially past, the 26 percent mark, fewer shares remain available for public trading, which can add to price volatility in both directions.
- A vote of confidence: Sustained insider buying, particularly at rising prices, is generally read by markets as a bullish signal, though analysts caution it’s not a guarantee of future stock performance.
- Takeover speculation: With Otedola’s position drawing closer to the 30 percent mandatory-offer threshold, market watchers are increasingly weighing the possibility of a formal takeover bid down the line.
- Valuation momentum: First HoldCo’s rise to become Nigeria’s most valuable banking stock by market capitalisation has coincided almost exactly with Otedola’s accumulation strategy, feeding into a broader re-rating of the stock.
Femi Otedola’s latest purchase is, on paper, a fairly modest addition, just 0.3 percent of the company’s outstanding shares. But it’s part of a pattern that has seen his stake in First HoldCo grow from roughly 22 percent to over 26 percent in the space of a few weeks, backed by hundreds of billions of naira in fresh capital. With the stock trading at record highs and speculation building around the 30 percent regulatory threshold, First HoldCo’s next disclosure to the Nigerian Exchange is likely to draw just as much attention as this one did.
