Chairman of First HoldCo Plc, Femi Otedola, has increased his holding in the financial services group by purchasing additional shares worth ₦77.6 billion in a new transaction executed via his investment vehicle, Calvados Global Services Limited.
Calvados Global Services Limited bought 706,131,179 ordinary shares of the company at ₦109.88 per share in a transaction that was executed on the Nigerian Exchange Limited (NGX) on 22 July 2026, First HoldCo’s regulatory filing showed. The filing said Calvados was a company linked to Otedola, a major shareholder and chairman of the financial group.
The acquisition also raises Otedola’s equity stake in First HoldCo and comes as the group continues with its recapitalisation programme, cementing his status as the company’s biggest shareholder. The deal also comes at a time of renewed investor interest in the lender, whose shares have jumped about 120 per cent since the start of the year, buoyed by improving financial performance and expectations around its plans to raise capital.
The latest investment comes a day after First HoldCo became the first Nigerian banking stock to exceed a market capitalisation of over ₦5 trillion during intraday trading on the Nigerian Exchange, signalling sustained demand for the stock.
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Profit before tax rose by 83.5 per cent to ₦653.54 billion from ₦356.15 billion recorded in the corresponding period of 2025, the company’s half-year financial results for the period ended 30 June, 2026 showed. The group’s second quarter performance was also positive with profit before tax rose to ₦332.42 billion, a 3.5 per cent increase from the estimated ₦321.12 billion it recorded in the first quarter and a 95.9 per cent increase from ₦169.67 billion reported in the second quarter of 2025.
Management said the improved earnings were due to better operating efficiency, improving asset quality, sustained growth in transaction banking and higher contributions from non-interest income businesses. The half-year performance has bolstered hopes that the financial group is entering a new phase of earnings growth after years of restructuring and strategic repositioning.
The insider dealing notification details showed that the transaction was the purchase of 706,131,179 ordinary shares of First HoldCo Plc at ₦109.88 per share on 22 July 2026. The transaction was conducted on the trading floor of the Nigerian Exchange Limited in Lagos. The notice said that Calvados Global Services Limited was a company linked to Otedola and described the disclosure as an initial notification of insider dealing.
