What changed
2026-07-31 04:35 UTC → 2026-07-31 05:28 UTC ·
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In mid‑July Mid‑July 2026 First HoldCo’s shares share price jumped 38.7% after billionaire investor Femi Otedola increased lifted his holding to 20.40% of the company, adding roughly 1.22 billion shares since March. The rally lifted the Nigerian banking index and added about N612 billion to market capitalisation. On 20 July 20.4 % and the bank released unaudited six‑month results showing posted an 82 % year‑on‑year rise in net profit to 526.1 billion naira and a record pre‑tax profit of 653.5 billion naira. Gross revenue grew 16.7 % to 1.93 trillion naira, assets rose 12.5 % to 30.65 trillion naira, deposits rose 16.2 % to 21.93 trillion naira and credit growth was modest at 6.1 %. The share price surged more than 10 % to a record 105.50 naira. Chairman Olufemi "Femi" Otedola deepened his ownership with an ₦526.1 billion. Otedola’s insider purchase of 706.1 purchases on 22 July (706 million shares for about N77.6 billion on 22 July, raising his stake to roughly 22 %. A further purchase ₦77.6 billion) and on 30 July saw Otedola acquire about 1.78 (roughly 1.78‑1.79 billion ordinary shares for roughly N222 billion, pushing about ₦222 billion) brought his beneficial ownership to approximately 25.86‑25.88 % (around 11.7‑11.8 billion shares) and bringing shares), valuing his total 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 nearly N300 billion. The holding is valued at about N1.46 trillion, still ₦300 billion, Otedola remains below the 30 % threshold that would trigger a mandatory takeover offer. First HoldCo remains stays Nigeria’s most valuable listed banking stock. The transactions were disclosed in NGX filings, underscoring market attention to the bank’s valuation and the potential for future ownership restructuring. stock, having surpassed Zenith Bank.