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 deepened his stake in Nigeria’s premier financial services institution.

Executed on Wednesday through his primary investment vehicle, Calvados Global Services Limited, the landmark N77.6billion share purchase forms part of a multi-tranche acquisition strategy designed to consolidate his controlling position in the banking giant.

The 706,131,179 shares purchase transaction was executed on Wednesday July 22 on the floor of the Nigerian Exchange Limited at N109.88 per share.

This 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.

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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.

This newest share purchase is poised to catalyse broader institutional buying, shore up liquidity, and accelerate First HoldCo’s pivot toward high-margin digital and tier-one corporate banking opportunities.

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.