Olufemi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group following a fresh share acquisition valued at approximately N43.41 billion.
The transaction, executed on the Nigerian Exchange on May 13, 2026, involved the purchase of 549,535,653 ordinary shares at an average price of N79 per share. This latest investment raises Otedola’s total holding from 8,055,314,486 units as reported in the FY 2025 audited accounts to 8,604,850,139 units.
What the data is saying
Data from the Nigerian Exchange shows that Otedola now holds a 19.35% stake in First HoldCo Plc, equivalent to 8,604,850,139 units out of 44,453,693,133 outstanding shares.
▪ This represents an increase from 18.12%, where he previously held 8,055,314,486 units.
▪ He remains the second-largest shareholder, behind RC Investment Management Ltd, which holds 10,433,909,058 units, representing a 23.47% stake.
The acquisition coincided with a surge in trading activity, with volumes crossing 563 million shares mid-session and closing above 575 million shares on May 13 — the highest daily turnover recorded in 2026. This extended earlier momentum from May 11.
The purchase comes shortly after First HoldCo announced plans to raise up to N253 billion in fresh capital at its Annual General Meeting scheduled for May 29, 2026. The proposed raise is aimed at strengthening the group’s balance sheet and achieving a N1 trillion capital base including share capital and premium.
The equity programme may be executed through public offers, private placements, rights issues, bonus issues, scrip dividends, or other instruments, subject to regulatory approval.
The development comes amid strong earnings performance, with First HoldCo posting a 72.20% rise in pre-tax profit to N321.1 billion in Q1 2026.
Get up to speed
Interest income rose to N704.4 billion from N625.2 billion, supported by lending and investment activities.
▪ Loans and advances to customers contributed N465.5 billion
▪ Investment securities contributed N192.9 billion
▪ Loans and advances to banks contributed N45.9 billion
Non-interest income also strengthened, with net fees and commissions rising to N78.9 billion from N64.1 billion. Operating profit rose to N320 billion from N186.6 billion, while equity increased to N3.4 trillion and retained earnings climbed to N667.9 billion.
What you should know
▪ Otedola’s purchase is the largest single insider trade in First HoldCo Plc stock so far in 2026.
▪ The stock remains among the most actively traded on the Nigerian Exchange, with year-to-date volume exceeding 2.4 billion units.
▪ The company’s market capitalisation stands above N3 trillion, placing it among Nigeria’s largest listed financial institutions.
