Chairman and individual largest shareholder of First HoldCo Plc, Mr Femi Otedola has increased his stake in the First Bank group to about N121 billion.
This follows his raising his equity stake in the oldest surviving banking group with additional acquisition of 706.13 million ordinary shares valued at N77.59 billion.
Regulatory filing at the Nigerian Exchange (NGX) indicated that Otedola bought the new shares through his company, Calvados Global Services Limited, in a major single deal that referenced a cross deal. Typically, a cross deal implies a pre-arranged transaction between a seller and a buyer brought to the market for formal transfer of the ownership. Africans& Diaspora
He had, through the same Calvados Global Services Limited, acquired 549.536 million ordinary shares of 50 kobo each worth N43.413 billion on May 13, 2026.
The price differential underlined Otedola’s drive for stronger control of the banking group. Yesterday’s transaction was crossed at N109.88 per share compared with N79 per share for the May 13, 2026’s deal.
Yesterday’s transaction Otedola’s major equity stake in the group to 21.96 per cent, remaining the single largest individual shareholder in First HoldCo. RC Investment, an institutional bridge holder, holds the largest equity stake of 22.94 per cent in the company.
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RC Investment had emerged as a major institutional shareholder following the negotiated divestments of 10.4 billion shares previously held by two major long-standing stakeholders of First HoldCo- Mr. Oba Otudeko and Mr. Oye Hassan-Odukale.
Latest regulatory filing on First HoldCo’s shareholdings by June 30, 2026 had shown that Otedola held 3.25 billion shares directly and another 6.03 billion shares indirectly, totaling 9.28 billion shares. RC Investment Management held 10.43 billion shares.
