Femi Otedola and his firm Calvados bought 64.8 million First HoldCo shares worth over N2 billion.
The acquisition boosts his major shareholder status and reflects confidence in the company’s growth.
First HoldCo Plc has disclosed that its Chairman, Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, have jointly acquired 64.8 million shares of the group valued at over N2 billion.
In a regulatory filing dated September 24, 2025, and submitted to the Nigerian Exchange Limited (NGX), the company confirmed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share.
Calvados Global Services Limited, a company associated with the billionaire investor, also purchased 25,565,289 ordinary shares at the same price.
The combined transaction consisted of 64,878,668 shares, translating to an investment worth approximately N2.01 billion at the stated unit price.
According to the disclosure, the transactions were executed on September 23, 2025, on the floor of the Nigerian Exchange in Lagos.
The company’s board, which signed off on the filing, emphasized full compliance with regulatory guidelines on insider dealings and transparency in shareholding.
With this fresh acquisition, Otedola, who already controls a significant stake in First HoldCo, further consolidates his position as one of the group’s major shareholders.
Last year, the First HoldCo chairman expanded his influence within the group after acquiring 2,029,376,358 units of shares, valued at N18.95 billion. In that deal, he directly acquired 316,506,776 units of shares at N21.91 per share, totaling N6.93 billion.
More recently, in July 2025, shares of First HoldCo climbed to a 52-week high of N36.45 per unit, following significant off-market divestments by firms linked to businessman Oba Otudeko and former FirstBank chairman Tunde Hassan-Odukale.
