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Femi Otedola has acquired a further 1,779,094,976 shares in First HoldCo at ₦124.9 each, spending ₦222.21 billion, or about $160 million, in the largest single purchase he has made in the bank.
The transaction, disclosed in a filing to the Nigerian Exchange, takes his position to 11,956,589,264 shares from 10,177,494,288. At the purchase price the enlarged holding is worth ₦1.4934 trillion, roughly $1.07 billion at an exchange rate of ₦1,390 to the dollar, carrying his stake in a single company past a billion dollars for the first time.
It follows First HoldCo overtaking Zenith Bank earlier this month to become the most valuable lender in Nigeria.
The purchase also carries a consequence beyond its size. Nigerian takeover rules oblige a shareholder crossing 30% of a listed company to make a mandatory offer for the remainder. On a register of roughly 45.5 billion shares, that threshold sits near 13.65 billion.
Otedola now holds close to 11.96 billion. The gap is around 1.69 billion shares, less than the block he has just bought. A further purchase on the same scale would compel him to bid for the whole of First Bank's parent. He has given no indication that he intends to do so, and has consistently described his buying as a long-term investment rather than a route to outright control.
The accumulation has run for years and accelerated sharply in 2026. He held 6.68 billion shares, or 15.95%, at the end of June 2025, when the company had 41.88 billion shares in issue. By March 31 this year he had reached 8.06 billion against an enlarged capital of 44.45 billion. Three months later he stood at 9.28 billion, having added roughly 1.22 billion shares in a single quarter, almost entirely through indirect holdings. A purchase through his vehicle Calvados Global Services this month took him past 10 billion for the first time.
Otedola has said repeatedly that the money committed is his own rather than borrowed.
The bank he is buying closed Tuesday at a market capitalisation of ₦5.78 trillion, about $4.16 billion at the same rate, ahead of Zenith Bank at ₦5.2 trillion and Guaranty Trust Holding Company at ₦4.82 trillion.
That rally rests on earnings the market had not priced in. The group reported pre-tax profit of ₦653.54 billion for the six months to June 30, an increase of 83.5% on the ₦356.15 billion recorded a year earlier. Profit after tax rose 81.57% to ₦526.13 billion, while second-quarter pre-tax profit reached ₦332.42 billion, up 95.92% year on year.
Shares closed at ₦127 on Tuesday against ₦47.90 at the end of 2025, a gain of 165%. Market capitalisation has risen further, by 187%, the difference reflecting shares issued during the recapitalisation rather than value created for existing holders.
First HoldCo is the holding company for First Bank of Nigeria, founded in 1894 and the oldest financial institution in the country. Otedola became chairman after a protracted contest for influence over the register.
The purchase price of ₦124.9 sits 1.65% below Tuesday's close, indicating a negotiated block rather than open-market buying. Marked at that closing price, the holding would be worth ₦1.5185 trillion, or about $1.09 billion.
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