In a transaction that has sent shockwaves through the Nigerian Exchange (NGX), the Chairman of First HoldCo Plc, Mr. Femi Otedola, has executed his largest single-day share purchase since assuming the chairmanship. In an insider dealing notice released on Wednesday, May 13, 2026, it was revealed that the billionaire business mogul acquired an additional 549.5 million shares of the financial services group, valued at approximately N43.41 billion.
The Anatomy of the Trade
The acquisition was executed through Calvados Global Services Limited, an entity identified as Otedola’s primary special purpose vehicle for his holdings in the group. According to the regulatory filing signed by the Company Secretary, Mrs. Abiola Baruwa, the shares were scooped up at a premium price of N79.00 per unit.
This massive injection of capital has fundamentally altered the equity structure of Nigeria’s oldest banking group. With this purchase, Otedola’s total stake has surged to 19.36%, up from the 18.12% reported in the late 2025 audited accounts. In total, the Chairman now commands a staggering 8.6 billion units of the company’s 44.45 billion outstanding ordinary shares.
Market Reaction and Volatility
The sheer volume of the trade—over 575 million shares traded in a single session—marked the highest activity level on the NGX in 2026. While the buy-side pressure was immense, the stock closed the day with a significant price correction, dropping nearly 10% from its intraday high of N81.90 to settle at N71.20, as day traders and institutional speculators sought to lock in profits following a 57% year-to-date rally.
Strengthening the Capital Base
Market analysts view this move as a strong signal of confidence ahead of the company’s Annual General Meeting (AGM) scheduled for May 29, 2026. First HoldCo is currently seeking shareholder approval to raise N253 billion as part of a broader strategy to reach a N1 trillion capital base.
“Otedola is not just a chairman; he is a lead investor putting his skin in the game,” says Tunde Lemo, a Lagos-based equity strategist. “By doubling down at N79 per share, he is anchoring the valuation of the bank and preparing the ground for the massive capital raise the group needs to stay competitive in the new Central Bank recapitalization era.”
