23/07/2026
Femi Otedola has spent N77.58 billion, about $56.2 million, buying 706.13 million shares in First HoldCo, the largest sum he has committed to a single transaction since taking the chairmanship of Nigeria's oldest bank.
The purchase was executed through Calvados Global Services, disclosed in an insider dealing statement filed with the Nigerian Exchange on Wednesday. It lifts his stake to 21.96 percent from 20.42 percent and takes his holding to 9.98 billion shares, 16 million short of 10 billion. At Wednesday's close of N105.45, the position is worth N1.05 trillion, $763 million. He paid an average of N109.87 a share, roughly 4 percent above the prevailing market price, the first time he has bought at a premium to the screen.
The cheque dwarfs his previous purchases, close to double the N43.41 billion he spent in May. The buying follows half-year results showing pre-tax profit of N653.54 billion, $473.6 million, up 83.5 percent. Monday's close lifted First HoldCo's market capitalisation to about N4.80 trillion, taking it past Zenith Bank and GTCO to become Nigeria's most valuable banking stock. A chairman writing a N77.58 billion cheque at a premium, days after the shares hit an all-time high, is telling the market he does not regard the stock as fully priced.
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