# First HoldCo profit surge and Otedola stake reaches 27.49% > Live situation record from CLSTR: https://clstr.news/situations/first-holdco-stake-rise-and-profit-surge > Updated: 2026-08-24T04:10:53.000Z. Sources: 29. Developments: 7. First HoldCo continued its rapid earnings growth and share‑price rally in July‑August 2026 as billionaire chairman Femi (Olufemi) Otedola expanded his holding. Un‑audited half‑year results released 20 July showed net profit of ₦526.1 billion, an 82% YoY increase, with revenue, assets and deposits all rising double‑digit percentages. The announcement sent the stock up more than 10% to a record ₦105.50. Otedola, acting through Calvados Global Services Limited, significantly increased his position throughout the period. Following July purchases totaling nearly ₦300 billion—which brought his beneficial ownership to approximately 25.85%—he continued his accumulation in August. On 7 August, he acquired 138.04 million shares for approximately ₦18.11 billion at ₦131.20 per share, raising his stake to roughly 27%. His momentum continued with a further purchase of 147.7 million shares valued at ₦20.7 billion at ₦140 per share, bringing his total beneficial ownership to 27.49%. This follows a broader trend of investment, with his disclosed share purchases in the company for 2024 exceeding ₦400 billion. Otedola has been building his position since 2021, with a stated ambition to eventually raise ownership beyond 51%. By late August, FirstHoldco Plc shares experienced volatility, dropping approximately 7.2% to ₦129.50 following news of Otedola’s increased holdings. This decline, attributed to market re-rating and investor profit-taking, saw the company’s market capitalization fall below ₦6 trillion. The price movement occurred amid market scrutiny regarding a ₦40.09 billion bond default at Geregu Power Plc. Analysts have raised concerns regarding the potential use of Geregu funds to support the appreciation of First Bank shares, noting a recent meeting between Otedola and Geregu Chairman Senator Abdulaziz Yari in Monaco. ## Claims - Femi Otedola purchased about 1.78‑1.79 billion First HoldCo ordinary shares for roughly N222 billion. (corroborated by 11 sources) - The purchase raised Otedola’s beneficial ownership in First HoldCo to about 25.86‑25.88 percent. (corroborated by 11 sources) - On July 22 Otedola bought 706 million First HoldCo shares for about N77 6 billion. (corroborated by 11 sources) - Combined, Otedola’s July purchases total nearly N300 billion in fresh capital for First HoldCo. (corroborated by 11 sources) - Femi Otedola serves as chairman of First HoldCo Plc. (corroborated by 11 sources) - Otedola’s total holding in First HoldCo is valued at roughly N1.45‑1.47 trillion. (corroborated by 9 sources) - First HoldCo has become Nigeria’s most valuable listed banking stock, overtaking Zenith Bank. (corroborated by 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. (corroborated by 9 sources) ## Timeline ### 2026-08-24: FirstHoldco Plc shares drop 7.2% amid Otedola share accumulation FirstHoldco Plc shares fell 7.2% amid profit-taking following Femi Otedola’s share accumulation, while questions persist over Geregu Power Plc’s N40 billion bond default and fund usage. 8 sources. https://clstr.news/cluster/firstholdco-plc-shares-drop-72-amid-otedola-share-accumulation ### 2026-08-17: Femi Otedola increases First HoldCo stake to 27.49% Femi Otedola has increased his stake in First HoldCo Plc to 27.49 per cent after a N20.7 billion share purchase, continuing a series of major acquisitions aimed at securing majority control. 5 sources. https://clstr.news/cluster/femi-otedola-increases-first-holdco-stake-to-2749 ### 2026-08-08: Femi Otedola Boosts Stake in First HoldCo with N18bn Share Purchase Femi Otedola, via Calvados Global Services, bought 138 million First HoldCo shares for N18.1 bn, lifting his stake to about 27% and solidifying control of Nigeria’s leading banking group. 4 sources. https://clstr.news/cluster/femi-otedola-boosts-stake-in-first-holdco-with-n18bn-share-purchase ### 2026-08-03: Olufemi Otedola’s N300 bn Share Purchases Boost First HoldCo Stock Olufemi Otedola spent about N300 bn to buy a 25.85% stake in First HoldCo, driving its share price to N129.90, while Fortis Global Insurance listed 15 bn new shares after converting N12 bn of debt into equity. 7 sources. https://clstr.news/cluster/olufemi-otedolas-n300-bn-share-purchases-boost-first-holdco-stock ### 2026-07-30: 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. 13 sources. https://clstr.news/cluster/femi-otedola-raises-stake-in-first-holdco-to-259-after-n222bn-share-purchase ### 2026-07-22: 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. 3 sources. https://clstr.news/cluster/first-holdco-records-record-half-year-profit-as-otedola-nears-22-stake ### 2026-07-19: 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. 7 sources. https://clstr.news/cluster/firstholdco-shares-surge-as-billionaire-femi-otedola-raises-stake-to-204 --- Cite as: First HoldCo profit surge and Otedola stake reaches 27.49%. CLSTR, https://clstr.news/situations/first-holdco-stake-rise-and-profit-surge