[REVISION HISTORY]

First HoldCo profit surge and Otedola stake reaches 27.49%

Updated 6 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-18 02:07 UTC → 2026-08-24 06:48 UTC · added ~~removed~~

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 ~~a price of~~ ₦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 ~~bank is also pursuing~~ price movement occurred amid market scrutiny regarding a ~~Central Bank‑mandated recapitalisation programme. Separately, Fortis Global Insurance listed 15 billion new ordinary shares after converting ₦12~~ ₦40.09 billion bond default at Geregu Power Plc. Analysts have raised concerns regarding the potential use of ~~debt into equity, expanding its issued capital more than fivefold.~~ Geregu funds to support the appreciation of First Bank shares, noting a recent meeting between Otedola and Geregu Chairman Senator Abdulaziz Yari in Monaco.

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