Nigerian billionaire Femi Otedola has increased his stake in First HoldCo Plc by purchasing an additional 549.5 million shares, valued at about N43.41 billion, or roughly $31.9 million at current exchange rates.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), was executed on May 13 at an average share price of N79.
Following the acquisition, Otedola's total holdings in FirstHoldCo increased from 8.06 billion shares to 8.60 billion shares, raising his ownership to 19.36%.
The purchase marks Otedola's largest single share acquisition since he became chairman of the financial institution in January 2024, strengthening his position as one of the company's largest shareholders.
The latest move follows a series of earlier acquisitions that steadily expanded his stake in the group. In September 2025, Otedola acquired an additional 64.87 million shares, valued at about N2.01 billion, or approximately $1.48 million at current exchange rates. Those transactions included both direct purchases and shares acquired indirectly through Calvados Global Services Limited.
