Mr. Olufemi Otedola, Group Chairman of First HoldCo Plc, the parent company of First Bank, has increased his stake in the bank by purchasing 39,313,379 units valued at N1.21 billion.
This significant investment demonstrates Otedola’s confidence in the bank’s prospects.
A recent filing on the Nigerian Exchange (NGX) shows that Femi Otedola and an affiliated company have made significant share acquisitions.
On September 23, 2025, Otedola purchased 159,000,000 ordinary shares of Geregu Power Plc. for N4.929 billion.
On the same day, his related company, Calvados Global Services Limited, acquired another 25,565,289 shares for N792.5 million.
Both transactions were completed in Lagos at a share price of N31 per unit.
Following this acquisition, Otedola’s direct shareholding in First HoldCo Plc has risen to 3,251,346,245 units (7.77%), while his indirect holdings now stand at 3,491,125,586 units (8.34%).
The sizeable purchase spurred activity on the NGX, pushing daily trading volume to 100.9 million shares, the highest so far this half-year.
Both trades were executed at N31.00 per share, near a daily support zone of N30.00, which may attract dip-buying investors given the company’s ongoing upward trend.
First HoldCo has had a mildly bullish run in 2025, recording a year-to-date gain of 10%.
The bank’s strong financial performance has likely contributed to Otedola’s increased stake.
In its half-year financial report, First HoldCo recorded a pretax profit of N356.1 billion, driven by a surge in interest income.
The group’s net interest income expanded by 87.32% to N539.6 billion, while non-interest earnings also improved.
The company’s total assets increased by 2.54% to N27.1 trillion, with retained earnings advancing 23.17% to N1.3 trillion.
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