Femi Otedola expands First Holdco equity portfolio with N77.6bn Calvados deal

Femi Otedola, billionaire investor and group chairman of First HoldCo Plc has significantly increased his stake in the financial group with a N77.6 billion share purchase.

Executed on Wednesday, July 22, through his primary investment vehicle, Calvados Global Services Limited, Otedola snapped up over 706 million shares at N109.88 each on the Nigerian Exchange. This landmark transaction is a long term strategy designed to cement his controlling interest in the banking giant.

The recent aggressive expansion by the billionaire investor not only reinforces market confidence during First HoldCo’s broader recapitalisation exercise, but also cements Otedola’s long-term vision to drive balance-sheet growth, enhance corporate governance, and unlock long-term shareholder value across the financial group. First Holdco stock has risen this year by circa 120 percent.

The strategic transaction underscores a deliberate move by the billionaire to insulate First HoldCo from hostile takeover threats while solidifying Otedola’s position as the undisputed dominant equity holder.

By leveraging Calvados Global Services to absorb this substantial tranche, Otedola sends a strong signal to the Nigerian Exchange Limited and international institutional investors regarding his commitment to the holding company’s recapitalisation roadmap.

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This newest share purchase comes barely a day after First HoldCo became the first Nigerian banking stock to cross the N5 trillion market capitalization milestone during intraday trading, becoming the country’s most valuable listed banking institution.

Profit before tax surged 83.5 percent to N653.54 billion in the six months ended June 30, 2026, from N356.15 billion in the corresponding period of last year.

The second quarter was equally strong, with pre-tax profit rising to N332.42 billion, representing a 3.5 percent increase from the estimated N321.12 billion recorded in the first quarter and a 95.9 percent jump from N169.67 billion reported in the second quarter of 2025.

Management attributed the performance to stronger operating efficiency, improving asset quality and sustained growth in transaction banking, alongside higher contributions from non-interest income businesses.

The earnings reinforced expectations that the lender is entering a new phase of profitability following years of restructuring and strategic repositioning.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.