First HoldCo Plc Chairman, Olufemi Otedola, has deepened his investment in the financial services group after a company related to him acquired 706,131,179 ordinary shares valued at approximately ₦77.6 billion, according to a regulatory filing submitted to the Nigerian Exchange (NGX).
The insider dealing notification, dated July 22, 2026, disclosed that Calvados Global Services Limited, a company related to Otedola as a significant shareholder, purchased the shares at ₦109.88 per share on the floor of the Nigerian Exchange.
The transaction has an estimated value of ₦77.59 billion, making it one of the largest insider share acquisitions disclosed on the Nigerian capital market in recent years.
Stake Approaches 22 Percent
According to FirstHoldCo’s shareholding structure for the period ended June 30, 2026, Otedola held:
- 3.251 billion shares directly, representing 7.15 percent of the company; and
- 6.026 billion shares indirectly, representing 13.25 percent.
His combined holding stood at 9.278 billion shares, equivalent to 20.40 percent of FirstHoldCo’s issued share capital of 45.48 billion ordinary shares.
Adding the newly acquired 706.13 million shares brings Otedola’s total interest to approximately 9.984 billion shares, representing an estimated 21.95 percent of the company’s issued share capital, assuming the acquisition is fully reflected in his indirect holdings.
The latest purchase strengthens Otedola’s position as one of FirstHoldCo’s largest shareholders and further consolidates his influence within the financial institution.
Filing Confirms Continued Insider Accumulation
The disclosure follows weeks of exceptional trading activity in FirstHoldCo shares, during which the stock emerged as the most actively traded equity on the Nigerian Exchange.
The company accounted for a substantial share of total market turnover across several trading sessions, while its share price rallied sharply as investor demand intensified.
Although the latest filing relates specifically to a transaction executed on July 22, it confirms that an entity associated with the company’s chairman has continued to accumulate shares during a period of heightened market activity.
The filing, however, does not identify the counterparties to earlier block transactions or establish a link between those trades and the latest acquisition.
Share Price Momentum
Investor confidence in FirstHoldCo has strengthened considerably in recent weeks.
The stock climbed from ₦69.20 in early July to trade above ₦100, supported by sustained buying interest and strong trading volumes.
The latest insider acquisition is likely to reinforce market attention on the company as insider purchases are often viewed by investors as an indication of long-term confidence in a company’s prospects.
Ownership Structure Evolves
The June 30 shareholding report also highlights the ongoing evolution of FirstHoldCo’s ownership structure.
The company’s total substantial shareholdings increased to 43.35 percent as of June 30, 2026 from 31.02 percent a year earlier, while its free float declined to 56.59 percent, reflecting increased concentration among major shareholders.
The report also showed that RC Investment Management Limited emerged with a 22.94 percent holding as an independent bridge holder, while Barbican Capital Limited no longer appeared among the company’s substantial shareholders following its earlier divestment.
Outlook
Otedola’s latest acquisition underscores continued confidence in FirstHoldCo at a time when the company remains one of the Nigerian Exchange’s most actively traded stocks.
With his effective interest now approaching 22 percent, investors will continue to monitor future regulatory filings for additional insider transactions, changes in significant shareholdings and other corporate developments that could further shape the company’s ownership structure and long-term strategic direction.
