First HoldCo Plc has announced insider share dealings involving its Chairman, Mr. Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, with the joint acquisition of 64.8 million shares valued at over N2 billion.
The disclosure was made in a regulatory filing to the Nigerian Exchange Limited (NGX) on September 24, 2025. According to the filing, the transactions were executed a day earlier, on September 23, on the trading floor of the Exchange in Lagos.
The report revealed that Otedola, who directly participated in the transaction, purchased 39,313,379 ordinary shares of First HoldCo at a unit price of N31. In addition, Calvados Global Services Limited, a company linked to the billionaire investor, acquired another 25,565,289 ordinary shares at the same price.
The combined acquisition brought the total to 64,878,668 units of First HoldCo shares, translating to an investment of about N2.01 billion based on the stated price. The regulatory disclosure emphasised that the transaction complied fully with the rules guiding insider dealings on the Exchange, as well as the company’s commitment to transparency in shareholding activities.
With this new acquisition, Mr. Otedola, who already commands a strong position in the group, has further consolidated his stake as one of the most influential shareholders in First HoldCo. Market watchers say the move signals his sustained confidence in the financial services group, which has been witnessing steady share activities in recent months.
Otedola, who is the Chairman of FBNHoldings, has a track record of increasing his holdings in the group. In 2024, The PUNCH reported that he acquired 2,029,376,358 units of shares valued at N18.95 billion in one of the biggest transactions by a single shareholder. At that time, he directly purchased 316,506,776 units of shares at N21.91 each, representing about N6.93 billion of the deal. The acquisition boosted his position as one of the key players shaping the group’s shareholder structure.
This year, First HoldCo has also seen significant market activity following share divestments by firms previously linked to businessman Oba Otudeko and a former FirstBank chairman, Mr. Tunde Hassan-Odukale, through off-market transactions. These developments, analysts note, have changed the dynamics of ownership and competition among top investors in the group.
Shares of First HoldCo have continued to attract attention from the investing public. In July 2025, the stock climbed to a 52-week high of N36.45 per share, reflecting investor optimism in the group’s prospects despite wider market fluctuations. The rise in share value came on the back of strong investor appetite, as well as restructuring moves within the group.
Otedola’s continuous acquisition of shares is seen as part of a long-term strategy to consolidate his influence in one of Nigeria’s oldest and most prominent financial groups. Stakeholders say his increasing stake also reinforces investor confidence and sends a signal of strong backing for the company’s future growth.
First HoldCo, which oversees diverse interests including FirstBank of Nigeria, remains one of the most watched companies on the NGX. With regulatory emphasis on transparency in insider dealings, the latest disclosure is expected to assure investors that the transactions were done in line with market rules.
Market analysts believe the consolidation of shares by Otedola could have wider implications for the company’s governance structure, shareholder influence, and long-term direction. As one of Nigeria’s most prominent business figures, his moves in the financial services sector continue to generate close attention both from regulators and from the broader investing community.
The acquisition also highlights the increasing role of high-net-worth individuals in shaping Nigeria’s capital market, especially within the banking and financial services space. As competition for strategic control of major institutions continues, such insider dealings are expected to remain under the spotlight.
