Billionaire investor and Chairman of FirstHoldCo Plc, Femi Otedola, has executed his largest single share purchase since taking the helm in January 2024. According to a regulatory filing on the Nigerian Exchange (NGX), Otedola acquired an additional 549.5 million shares on May 13, 2026, in a transaction valued at approximately ₦43.41 billion ($31.9 million).
The move raises Otedola’s total ownership stake to 19.36%, significantly widening the gap between him and other major shareholders in the financial group.
The Math Behind the Stake The acquisition was executed at an average price of ₦79 per share. This price point represents a premium over the stock’s closing price of ₦71.20 on the day of the trade, signaling strong confidence in the group’s long-term valuation.
-
Previous Holdings: 8.06 billion shares.
-
New Acquisition: 549.5 million shares.
-
Total Post-Transaction Holdings: 8.60 billion shares.
-
Current Ownership Percentage: 19.36% (up from 16.1% in late 2025).
Strategic Timing and Financial Health The acquisition comes just as FirstHoldCo reported a stellar Q1 2026 performance, with a 72% jump in Profit Before Tax, reaching ₦321 billion. This profit surge validates the aggressive ₦830 billion impairment strategy the group implemented in 2025 to clean up its balance sheet and prepare for the Central Bank’s new capital requirements.
Broader Leadership Shifts Alongside the share sweep, FirstHoldCo announced a key leadership reinforcement:
-
Dr. Julius Omodayo-Owotuga was appointed as Executive Director, effective May 13, 2026.
-
His appointment is expected to bolster the group’s expertise in finance, risk management, and governance during this period of rapid capital expansion.
The Market Reaction Investors are closely watching Otedola’s moves as a bellwether for the Nigerian banking sector. With the stock gaining over 57% year-to-date, his continued “insider” buying suggests a belief that the bank is still undervalued despite its recent rally. For the market, this move reduces the likelihood of a hostile takeover and provides a “stable anchor” as the institution navigates broader financial reforms.
