Chairman of First HoldCo Plc Femi Otedola has increased his ownership in the financial holding company after acquiring shares worth N14.8 billion through Calvados Global Services Limited.
The transaction was disclosed in a notice filed with the Nigerian Exchange and signed by the group company secretary, Abiola Baruwa.
According to the disclosure, Calvados Global Services Limited, a company linked to Mr Otedola, purchased 369,986,122 shares of First HoldCo at N40.06 per share on 18 December.
The deal, tagged NGFBNH000009, pushed total daily trading volume in the stock to 385.6 million shares.
Following the acquisition, Otedola’s combined shareholding in First HoldCo has risen to about 17.56 percent, strengthening his position as one of the largest shareholders in the group.
Based on the company’s most recent financial statements, Mr Otedola holds 3,491,125,586 shares indirectly, representing 8.34 percent of the company and 3,251,346,245 shares directly, or 7.76 percent.
His indirect holdings are expected to increase to 3,861,111,708 shares, or 9.22 percent, after the latest purchase.
The transaction adds to Otedola’s steady accumulation of First HoldCo shares over the past two years.
In September, he acquired 64.87 million shares valued at N2.01 billion.
At the time, the company disclosed that he bought 39.3 million shares directly and 25.6 million shares indirectly through Calvados Global Services Limited.
Following those earlier transactions, his stake rose to 16.1 percent from 13.15 percent recorded in September 2024.
The latest acquisition now lifts his ownership to about 17.56 percent.
Market activity around the stock has increased in recent weeks, with First HoldCo shares gaining 29 percent in December.
Month to date gains stand at 37.36 percent, with total trading volume reaching 657 million shares.
The stock is currently priced at N42.65, up from a low of N31.05 recorded in November.
The increased insider activity comes as Nigeria’s banking sector approaches the central bank recapitalisation deadline set for early 2026.
Banks are expected to strengthen capital buffers and improve asset quality ahead of planned equity raises.
First HoldCo is also said to be nearing completion of a private placement as part of its capital raising plans, aimed at shoring up capital ahead of the recapitalisation window.
In recent months, the bank has recorded other insider linked share purchases, including a N2 billion acquisition by a company associated with the chairman of First Bank, Ebenezer Olufowose and a N33.96 million purchase by an entity linked to Group Managing Director, Adebowale Oyedeji.
