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[SITUATION] · [ACTIVE]

3 clusters · 18 sources · 11 days · First seen 11 days ago · Last updated about 21 hours ago

Categories: BUSINESS

First HoldCo profit surge and Otedola stake climbs to 26%

Entities: First Holdco Plc · Femi Otedola · Securities and Exchange Commission (SEC) of Nigeria · Calvados Global Services Limited · Nigerian Exchange (NGX)

Overview

Mid‑July 2026 First HoldCo’s share price jumped 38.7% after billionaire investor Femi Otedola lifted his holding to about 20.4 % and the bank posted an 82 % year‑on‑year rise in net profit to ₦526.1 billion. Otedola’s insider purchases on 22 July (706 million shares for ₦77.6 billion) and on 30 July (roughly 1.78‑1.79 billion shares for about ₦222 billion) brought his beneficial ownership to approximately 25.86‑25.88 % (around 11.7‑11.8 billion shares), valuing his stake at roughly ₦1.45‑1.47 trillion. The July 30 acquisition was executed through his vehicle Calvados Global Services Limited and disclosed in Nigerian Exchange filings. Despite the cumulative outlay of close to ₦300 billion, Otedola remains below the 30 % threshold that would trigger a mandatory takeover offer. First HoldCo stays Nigeria’s most valuable listed banking stock, having surpassed Zenith Bank.

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 11 SOURCES] Femi Otedola purchased about 1.78‑1.79 billion First HoldCo ordinary shares for roughly N222 billion. (supporting_article_ids)
[● 11 SOURCES] The purchase raised Otedola’s beneficial ownership in First HoldCo to about 25.86‑25.88 percent. (supporting_article_ids)
[● 11 SOURCES] On July 22 Otedola bought 706 million First HoldCo shares for about N77 6 billion. (supporting_article_ids)
[● 11 SOURCES] Combined, Otedola’s July purchases total nearly N300 billion in fresh capital for First HoldCo. (supporting_article_ids)
[● 11 SOURCES] Femi Otedola serves as chairman of First HoldCo Plc. (supporting_article_ids)
[● 9 SOURCES] Otedola’s total holding in First HoldCo is valued at roughly N1.45‑1.47 trillion. (supporting_article_ids)
[● 9 SOURCES] First HoldCo has become Nigeria’s most valuable listed banking stock, overtaking Zenith Bank. (supporting_article_ids)
[● 9 SOURCES] Holding below 30 percent means Otedola is not yet required to launch a mandatory takeover offer under Nigeria’s Investments and Securities Act. (supporting_article_ids)

Timeline

about 21 hours ago

[BUSINESS] 11 sources
Femi Otedola lifts First HoldCo stake to 25.9% after N222 bn share purchase
Femi Otedola bought ~1.78bn First HoldCo shares for ₦222bn, lifting his stake to ~25.9% and total holding to ~₦1.45‑1.47trn, still under the 30% takeover trigger.
9 days ago

[BUSINESS] 3 sources
First HoldCo records record half-year profit as Otedola nears 22% stake
First HoldCo posted an 82% jump in half‑year profit and its chairman Otedola increased his stake to about 22%, pushing shares to record levels.
11 days ago

[BUSINESS] 7 sources
FirstHoldco shares surge as billionaire Femi Otedola raises stake to 20.4%
FirstHoldco's shares jumped about 39% in late July 2026, adding N612 bn to its market cap, while billionaire Femi Otedola lifted his stake to 20.4% by June 2026.

Sources

bizwatchnigeria.ng · businessday.ng · businesselitesafrica.com · championnews.com.ng · encomium.ng · gwg.ng · investorsking.com · nairametrics.com · newtelegraphng.com · oceans-news.com · premiumtimesng.com · primanews.org · theglittersonline.com.ng · thepodiummedia.com · thewhistler.ng · thisdaylive.com · tribuneonlineng.com · worldstagenews.com

This summary has been updated 2 times: see revision history