Olufemi Otedola has further strengthened his position in First HoldCo Plc after Calvados Global Services Limited acquired another 147.74 million shares for N20.68 billion, lifting his estimated beneficial ownership in the financial services group above 26%.
The latest transaction follows the billionaire investor’s aggressive accumulation of First HoldCo shares in July and further consolidates his position as the company’s dominant shareholder.
According to an insider dealing notification filed with the Nigerian Exchange, Calvados Global Services Limited purchased 147,737,699 ordinary shares at N140 per share on August 14, 2026.
The transaction was valued at precisely N20.68 billion.
Calvados Global was identified in the regulatory filing as a company related to Otedola, who is both a significant shareholder and Chairman of First HoldCo.
The latest acquisition comes barely two weeks after Calvados completed a substantially larger purchase involving 1,779,094,976 shares at N124.90 each, worth approximately N222.2 billion, on July 30.
Before that transaction, the Otedola-linked company had acquired another 706,131,179 shares at N109.88 per share, valued at approximately N77.6 billion, on July 22.
The three transactions show the scale at which Otedola has continued to increase his economic interest in First HoldCo.
Based on Investors King‘s previous analysis of the company’s disclosed shareholding structure, Otedola’s beneficial holding stood at approximately 11.76 billion shares, or 25.85%, following the July 30 acquisition.
Adding the latest 147.74 million shares increases the estimated beneficial holding to approximately 11.91 billion shares, putting his interest at around 26.17%, subject to subsequent changes in First HoldCo’s outstanding shares or other holdings not reflected in the disclosures used for the calculation.
Otedola’s Growing First HoldCo Position
| Period | Beneficial Shares Held | Estimated Stake |
|---|---|---|
| March 31, 2026 | — | 18.12% |
| June 30, 2026 | 9,277,792,037 | 20.40% |
| After July 22 Purchase | 9,983,923,216 | 21.95% |
| After July 30 Purchase | 11,763,018,192 | 25.85% |
| After August 14 Purchase | 11,910,755,891 | ~26.17% |
The latest transaction is smaller than Otedola’s two major July acquisitions but was executed at a considerably higher share price.
Calvados paid N109.88 per share for the July 22 transaction and N124.90 for the July 30 acquisition. The latest shares were purchased at N140 each.
That means the acquisition price has increased by N30.12 per share, or about 27.4%, between the July 22 and August 14 transactions.
Despite that increase, the Otedola-linked company has continued buying.
Across the three disclosed transactions, Calvados has acquired approximately 2.63 billion First HoldCo shares for a combined consideration of about N320.5 billion.
The continued accumulation has taken Otedola from an estimated 20.40% beneficial interest at the end of June to more than 26%, substantially increasing his exposure to First HoldCo within less than two months.
The latest purchase also strengthens Otedola’s economic interest in the company beyond the influence he already exercises as Chairman.
First HoldCo is the parent company of FirstBank and other financial services businesses and remains one of the largest financial groups listed on the Nigerian Exchange.
The August 14 transaction was disclosed by First HoldCo Group Company Secretary Abiola Baruwa on August 17.
