Otedola buys N77.6bn First HoldCo shares after record profit
First HoldCo Chairman Femi Otedola has purchased N77.6 billion in additional shares, signaling strong insider confidence days after the Nigerian lender became the country’s first N5 trillion bank.
Calvados Global Services Limited, a company related to Chairman Femi Otedola, acquired 706.13 million shares at N109.88 each on July 22. The N77.59 billion transaction, classified as insider dealing in a regulatory filing with the Nigerian Exchange, elevates Otedola’s combined economic interest to roughly 9.28 billion shares. This represents 21.95% of the financial holding company.
The substantial purchase follows First HoldCo’s record half-year earnings and its historic breach of the N5 trillion market capitalization mark. For the six months ending June 30, the lender reported an 83.5% year-on-year surge in pre-tax profit to N653.54 billion, up from N356.15 billion in the same period of 2025. Net interest income reached N879.13 billion on the back of N1.40 trillion in total interest income.
These fundamentals have driven a sustained share rally, making First HoldCo the standout banking stock on the Nigerian Exchange in 2026. A major insider deploying nearly N78 billion at current valuations provides a strong vote of confidence in the group's ongoing transformation strategy. It also underscores the improving capital adequacy and asset quality that have attracted broader investor interest.
The scale of the latest acquisition has inevitably sparked speculation about Otedola’s ultimate intentions for the institution. Unverified market rumors suggest he could be targeting a 51% controlling stake, which would make him the definitive owner of one of Nigeria’s largest banks. Such a trajectory would align with his historical corporate behavior, most notably at Geregu Power Plc where he previously held a 78% dominant position.
However, reaching a majority stake would require absorbing a significant portion of First HoldCo’s broad shareholder base. The bank currently maintains a relatively liquid free float of 56.59%. While the exact post-transaction ownership percentage awaits the company’s next official disclosure, the July 22 purchase stands as one of the largest single insider acquisitions on the Nigerian Exchange this year.
