Femi Otedola acquires additional First Holdco shares worth N43bn

Femi Otedola, Nigeria’s billionaire businessman and chairman of FBN Holdings (First Holdco), has once again made a massive move in the market.

On May 13, 2026, Otedola acquired additional shares valued at over N43 billion through Calvados Global Services Limited, a company related to him.

This specific transaction is one of the largest single-day investments by an individual in the history of the Nigerian Exchange Limited (NGX) and further cements his status as the anchor of the institution.

Otedola purchased 549,535,653 shares at an average price of N79 per share. With this newest acquisition, his stake in First HoldCo Plc has climbed from 8.055 billion units in the FY 2025 to 8.604 billion units.

Despite closing lower at N75.3 on Wednesday after decreasing by N3.7 or 4.68, the stock still hovers near its 52-week high of N81.9 as against corresponding week low of N24.5. The stock has risen this year by 48.64 percent.

Following the billionaire’s new share deal, total volume and value of First HoldCo stocks traded on Wednesday reached 564,135,245 units and N43.613 billion respectively.

Otedola is pushing First Holdco toward an even more ambitious N1 trillion capital base (comprising share capital and share premium).

The parent entity of Nigeria’s oldest commercial lender (First Bank), is seeking to double the regulatory capital ceiling of N500 billion for international banks, signalling a new phase of aggressive expansion and balance-sheet fortification.

First HoldCo in its recently released unaudited first quarter (Q1) 2026 results, reported a pre-tax profit (PBT) of N321.12 billion for the period, representing an increase of 72.20 percent compared to N186.48 billion recorded in Q1 2025.

Profit after tax (PAT) also rose to N267.80 billion, up 56.52 percent from N171.10 billion reported in the corresponding period of 2025. Earnings per share increased to N6, compared to N4.72 in Q1 2025.

In a notice for its 14th Annual General Meeting (AGM) scheduled for May 29, 2026, the group proposed a special resolution to raise N253.099 billion in fresh capital, aiming to reach a paid-up capital base of N 1 trillion, comprising share capital and share premium.

“The capital raise transaction shall be implemented by one or more transactions, through the issuance of shares, by way of a public offering, private placement, rights issue, bonus issues, scrip dividend, or other equity instruments in the Nigerian or international capital markets, at price(s) to be determined by way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the Board of Directors (the “Directors”), subject to obtaining the approvals of the relevant regulatory authorities,” FirstHoldCo said in the statement on the NGX.

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.