Olufemi Otedola’s N300 bn Share Purchases Boost First HoldCo Stock

Billionaire investor Olufemi Otedola increased his stake in First HoldCo Plc by roughly N300 billion in July 2026, buying a total of 2.485 billion shares through his vehicle Calvados Global Services Limited. The two transactions, valued at about N77.6 billion and N222.2 billion respectively, raised his beneficial ownership to an estimated 25.85 percent and helped lift the company’s share price to N129.90 on the Nigerian Exchange.

In a separate capital‑structure move, Fortis Global Insurance Plc listed 15 billion new ordinary shares on the Nigerian Exchange after converting N12 billion of debt into equity at N0.80 per share. The conversion increased Fortis’s issued share capital more than fivefold, strengthening its balance sheet and expanding the pool of shares available for trading.