Femi Otedola’s stake in First HoldCo Plc has reached a market value of N1.82 trillion, fueled by aggressive share purchases and a 167% increase in the company’s stock price since late June.
Otedola’s holdings rise to 26.7% after N351 billion spending
Calvados Global Services Limited, an entity tied to Otedola, spent about N351.17 billion acquiring 2.867 billion First HoldCo shares between late July and August 2026. The transactions occurred in five separate deals, with the largest involving 1.779 billion shares bought on July 30.
By June 30, Otedola’s disclosed holdings totaled 9.278 billion shares, or 20.4% of First HoldCo. Including the Calvados acquisitions, his stake now accounts for 26.71% of the company’s 45.475 billion issued shares. The stock price climbed from N56.05 at the end of June to N149.90 as of September 2.
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The valuation surge means Otedola’s position is now worth nearly N1.3 trillion more than at the half-year mark, when his holdings were valued at N520.02 billion. The gain reflects both share price appreciation and the additional shares acquired.
A key transaction alters First HoldCo’s ownership structure
The July 30 purchase by Calvados—1.779 billion shares at N124.90 each—was the largest in the series. It alone added 3.91% to Otedola’s indirect holdings, pushing his total stake past the 25% threshold. The remaining four transactions, conducted between July 22 and August 24, saw Calvados buy shares at prices ranging from N109.88 to N140.00.
First HoldCo’s free-float, which stood at 25.735 billion shares (56.59% of issued capital) as of June 30, has since narrowed. With Otedola’s stake now at 26.71% and RC Investment Management holding 22.94%, the two largest blocs control nearly 49.65% of the company. This leaves just over half the shares in the hands of other investors.
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The shift in ownership remains within Nigerian Exchange Limited rules for the Premium Board, which requires a minimum free-float of 20%.
The current valuation is based on the September 2 closing price. Calvados’ purchases were made at an average of N122.48 per share, well below the current N149.90, indicating paper gains of roughly N77 billion on recent buys.
First HoldCo’s stock has been among the top performers on the NGX this year, though the rally has seen fluctuations. The share price dipped briefly in early August before rebounding sharply in the last two weeks.
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First HoldCo’s valuation multiples now exceed those of its peers, leading some market watchers to warn of a potential pullback. Others argue the company’s improving asset quality and cost efficiency justify the premium.
For Otedola, the calculation is straightforward: his stake now exceeds the market capitalization of some Nigerian banks. The value’s sustainability depends on First HoldCo’s execution of its turnaround and the market’s willingness to maintain the premium.