Billionaire businessman Femi Otedola has made headlines again with a massive move in the Nigerian stock market. On July 22, 2026, he acquired over 706 million shares in First HoldCo Plc through his investment vehicle, Calvados Global Services Limited. This single transaction was valued at a jaw-dropping N77.6 billion.
With this latest purchase, Otedola has pushed his total stake in First HoldCo close to 22 percent (21.95 percent to be precise). He is now sitting just about one percentage point behind the institution’s top shareholder group.
If you have been following Nigerian business news, you already know that Otedola does not make small moves. Every time he acts on the Nigerian Exchange, people pay attention. But why did he just drop nearly N78 billion into a single bank stock? What does this mean for First Bank, for the stock market, and for regular investors looking to grow their money?
At WhatsBuzzn, we break down big business stories into plain, simple English so everyone can understand what is really going on behind the headlines. Let’s take a closer look at all the details of this huge trade, what led up to it, and why it matters to you.
The N77.6 Billion Deal: Breaking Down the Numbers
To understand how big this move is, we need to look at the actual numbers involved in the transaction.
On Wednesday, July 22, 2026, official regulatory disclosures submitted to the Nigerian Exchange Limited (NGX) showed a massive insider share transaction. Here are the key details of the trade:
- Buyer: Calvados Global Services Limited, an investment company owned by Femi Otedola.
- Company: First HoldCo Plc (the parent company of First Bank of Nigeria).
- Number of Shares: 706,131,179 ordinary shares.
- Price Per Share: N109.88.
- Total Transaction Value: N77,589,693,948.52 (roughly N77.6 billion).
- New Ownership Stake: Approximately 21.95 percent of First HoldCo.
This trade stands as one of the single largest insider share buys ever recorded on the Nigerian Exchange. Buying over 706 million shares in one day at N109.88 per share requires massive capital, but it also signals deep confidence in the future of the bank.
Before this purchase, Otedola held roughly 20.4 percent of First HoldCo. By adding another 706.13 million shares, his total holding reached 9,277,792,037 shares. This places him within touching distance of RC Investment, which holds a 22.94 percent stake as a bridge trustee.
According to reports from major news outlets like Premium Times and Channels Television, this transaction underlines Otedola’s determination to remain the primary force behind First HoldCo’s ongoing strategic overhaul.
How Femi Otedola Built His Position in First HoldCo
Otedola did not become the chairman and major shareholder of First HoldCo overnight. His investment story with First Bank’s parent company is a masterclass in patience, strategy, and strategic accumulation.
The Beginning in 2021
Back in 2021, Otedola quietly began acquiring shares of FBN Holdings (now First HoldCo). At the time, the bank’s ownership structure was split among several long-standing shareholders. When news broke that Otedola had crossed the 5 percent threshold, it shocked the financial community. It sparked a historic race for control among top investors.
Taking the Reins in 2024
By January 2024, Otedola was appointed Chairman of the Board of Directors at First HoldCo. Taking the leadership seat gave him the platform to champion corporate restructuring, improve transparency, and focus heavily on profit growth. Under his board leadership, the bank began addressing non-performing loans and setting up a stronger corporate structure.
Steady Accumulation Throughout 2025 and 2026
Otedola has consistently poured billions back into First HoldCo shares over the past two years:
- September 2025: He acquired over 39 million shares directly and through Calvados Global Services, investing over N1.2 billion.
- December 2025: He picked up another 370 million shares at N40.10 per share, spending N14.8 billion.
- May 2026: He purchased 549.5 million shares at N79 per share, amounting to roughly N43.4 billion.
- June 2026: He participated in First HoldCo’s N45 billion private placement, buying 672.9 million shares at N44 per share for N29.6 billion.
- July 2026: He executed this massive N77.6 billion trade at N109.88 per share.
When you tally these figures up, Otedola has invested hundreds of billions of Naira into this single financial group over a short period. That is not just financial investment; it is a clear statement that he believes First HoldCo is destined for greatness.
Why First HoldCo is Performing So Well
You might be asking: why is Femi Otedola spending so much money on First HoldCo right now? The answer lies in the bank’s phenomenal financial performance and rising market value.
First HoldCo has been breaking financial records across the board in 2026.
Record Half-Year Financial Results
For the six months ended June 30, 2026, First HoldCo delivered remarkable numbers that surprised financial analysts:
- Pre-Tax Profit: Reached N653.54 billion, marking an impressive 83.5 percent year-on-year growth compared to N356.15 billion recorded in H1 2025.
- Gross Interest Income: Hit N1.40 trillion, reflecting higher lending activities and strong balance sheet expansion.
- Net Interest Income: Stood at N879.13 billion, up significantly from previous periods.
- Fee and Commission Income: Reached N178.51 billion, showing that customer transactions and digital banking services are booming.
These figures show that the bank is not just surviving; it is generating massive profits across every core operational segment.
Crossing the N5 Trillion Market Cap Milestone
In mid-July 2026, First HoldCo achieved a historic milestone on the Nigerian Exchange. It became the first Nigerian banking stock to cross the N5 trillion market capitalisation threshold.
Share prices surged past N105 per share as investors scrambled to buy into the stock. This price surge added hundreds of billions of Naira to First HoldCo’s market value in just a few trading sessions, briefly making it the most valuable bank stock on the entire exchange.
Meeting the CBN Capital Requirements
The Central Bank of Nigeria (CBN) directed commercial banks with international authorization to increase their minimum paid-up capital to N500 billion. First HoldCo has taken bold steps to meet and exceed this requirement.
Through private placements and rights issues, First HoldCo raised capital and injected over N270 billion directly into First Bank of Nigeria Limited, its main commercial banking subsidiary. This moves the group closer to its goal of achieving a N1 trillion paid-up capital base, making it one of the most capitalized financial institutions in West Africa.
Reports covered by financial media like THISDAY and BusinessDay confirm that the strong balance sheet and solid capital cushion give investors strong reason to trust the group’s future growth.
What This Means for Everyday Investors and the Market
When a major figure buys billions worth of stock, it creates a ripple effect across the entire stock market. Here is what Otedola’s N77.6 billion purchase means for everyday people and retail investors.
Boosted Confidence in the Nigerian Stock Market
In times of economic adjustment, seeing a top billionaire reinvest heavily into local assets gives everyone confidence. It sends a clear signal to foreign and local investors that Nigerian equities hold serious value.
When everyday people see strategic long-term investments happening in broad daylight, it helps build trust in the local financial ecosystem.
Share Price Support
Insider buying of this scale usually creates a safety net under the stock price. When a chairman continuously buys shares at market rates (like N109.88 per share), it shows that he believes the stock is worth even more than its current trading price.
This demand encourages other investors to hold onto their shares rather than panic-selling during temporary market dips.
Focus on Corporate Governance and Transparency
First Bank has a history spanning over 130 years. However, in past years, non-performing loans and leadership squabbles created uncertainty.
Otedola’s strong presence and heavy capital investment have stabilized management. Strong leadership means clearer strategy, better risk management, and improved returns for all shareholders, large or small.
Wealth Creation Beyond Traditional Banking
Femi Otedola is not only focused on banking. His business moves show a well-planned strategy across multiple core sectors, including power, energy, and digital technology.
Earlier in 2026, Otedola made news by planning to direct a $100 million stake from his Geregu Power operations into the Dangote Petroleum Refinery. He understands that energy and finance are the two biggest pillars driving Nigeria’s modern economy.
At the same time, the world of business and wealth creation is evolving fast. Today, technology, artificial intelligence, and automation are reshaping how companies operate and how individuals build financial freedom.
If you are interested in learning how technology is changing business, check out our insights on technology and AI. For creators and digital entrepreneurs who want to build automated income streams online, exploring YouTube automation strategies can open up whole new avenues for growth.
Building wealth today requires staying curious and constantly expanding your knowledge across traditional investments and digital opportunities.
Key Lessons from Otedola’s Investment Strategy
You don’t need billions of Naira in your bank account to learn from how Femi Otedola invests. Here are three simple investment lessons anyone can apply:
- Invest in What You Understand: Otedola focuses on core industries he knows deeply—energy, power, and banking. Do not put money into businesses or schemes you do not fully understand.
- Think Long Term: Otedola did not buy First HoldCo shares to make a quick profit next week. He has been systematically building his stake since 2021. Real wealth takes time and discipline to grow.
- Buy During Strategic Growth Phases: Instead of waiting for market highs, Otedola buys continuously, especially when companies are executing recapitalizations or expanding their capital base.
Frequently Asked Questions (FAQs)
How much did Femi Otedola spend on the recent First HoldCo shares?
Femi Otedola spent approximately N77.6 billion (N77,589,693,948.52) to purchase 706.13 million shares of First HoldCo Plc on July 22, 2026.
What percentage of First HoldCo does Otedola own now?
Following this latest transaction, Otedola’s total direct and indirect stake in First HoldCo sits at approximately 21.95 percent, totaling over 9.27 billion shares.
What was the price per share during this purchase?
The shares were acquired on the Nigerian Exchange at a price of N109.88 per share.
Through which company did Otedola buy the shares?
He purchased the shares through Calvados Global Services Limited, an investment entity tied directly to him.
Why are First HoldCo shares rising so fast in 2026?
First HoldCo’s share price has soared due to record-breaking half-year earnings (N653.54 billion pre-tax profit), successful capital-raising activities, and strong investor confidence in its management team.
Conclusion
Femi Otedola’s N77.6 billion investment in First HoldCo is more than just a massive financial trade. It is a bold vote of confidence in the future of Nigeria’s banking sector and First Bank’s ongoing transformation. By pushing his stake close to 22 percent, Otedola has reinforced his position as a driving force behind one of West Africa’s biggest financial institutions.
As First HoldCo continues its march toward a N1 trillion paid-up capital base, investors across the country will be watching closely. This move shows that with clear vision, patience, and strong execution, big investments can yield massive returns.
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