Otedola acquires First HoldCo shares worth N2bn, strengthening his stake and influence in the financial group amid compliance with insider trading rules
A substantial insider deal has seen Femi Otedola and his affiliate company, Calvados Global Services Limited, purchase over 64.8 million shares of First HoldCo, valued at approximately ₦2.01 billion—further consolidating his influence within the financial services group.
Source: Read more at theheute.com.ng
Also read: Otedola champions First Holdco’s comeback, aims for Africa’s top bank spot
First HoldCo Plc confirmed in a regulatory filing on 24 September that Otedola increased his stake in First HoldCo through two related transactions executed on 23 September 2025.
He directly bought 39,313,379 ordinary shares at N31 per share, while Calvados Global Services Limited, a company linked to him, purchased another 25,565,289 shares at the same price.
The combined acquisition totals 64,878,668 shares, representing an investment of about N2.01bn.
According to the filing, Otedola’s direct holdings now stand at 3,251,346,245 units (≈ 7.76 %) and his indirect holdings (through Calvados) at 3,491,125,586 units (≈ 8.34 %), bringing his total stake in First HoldCo to approximately 16.10 %.
First HoldCo’s board noted that the transactions were carried out in compliance with relevant rules regarding insider dealings, emphasising transparency and regulatory adherence.
The deal was executed on the floor of the Nigerian Exchange in Lagos.
Market observers view the move as a clear signal of confidence by Otedola in the future of First HoldCo, especially given the company’s recent share performance.
In July 2025, the shares had climbed to a 52‑week high of N36.45 per unit.
Previous major shareholders, including Oba Otudeko and Tunde Hassan‑Odukale, had earlier divested significant stakes, creating an opening for consolidation.
Though the move is legal, such insider transactions often draw scrutiny from investors and regulators alike.
Also read: Femi Otedola crowned Activist Investor, Market Maker of the Year
Some analysts may watch closely for the impact on shareholder dynamics, governance balance, and the company’s strategic direction.
