Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial holding company to 21.95 per cent following the acquisition of 706,131,179 ordinary shares valued at approximately ₦77.6 billion, according to a regulatory filing on the Nigerian Exchange (NGX).

The transaction, disclosed on Wednesday as an initial notification of insider dealing, revealed that the shares were purchased on July 22, 2026, by Calvados Global Services Limited, a company identified in the filing as being related to Otedola, at ₦109.88 per share. The acquisition is valued at about ₦77.59 billion and ranks among the largest publicly disclosed insider share purchases on the NGX this year.

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Following the latest purchase, Otedola’s combined shareholding in First HoldCo rose to 9,277,792,037 shares, representing 21.95 per cent of the company’s total issued shares. Before the transaction, the company’s shareholding structure as of June 30, 2026, showed that Otedola owned 3.25 billion shares directly and 6.03 billion shares indirectly, giving him a 20.4 per cent stake.

The acquisition comes shortly after First HoldCo announced a strong financial performance for the first half of 2026. The group reported a pre-tax profit of ₦653.54 billion, representing an 83.5 per cent increase from the ₦356.15 billion recorded during the corresponding period in 2025. The company also posted ₦1.40 trillion in interest income, ₦879.13 billion in net interest income, and ₦178.51 billion in net fee and commission income.

The development also follows First HoldCo’s emergence as the first Nigerian banking stock to surpass a ₦5 trillion market capitalisation during intraday trading, further reinforcing investor confidence in the financial institution.

Meanwhile, the latest acquisition has fuelled speculation about Otedola’s long-term intentions for the company. Reports citing sources familiar with the transaction suggested that the billionaire investor could be considering increasing his stake to 51 per cent to obtain a controlling interest. However, the claim has not been independently verified, and neither Otedola nor First HoldCo has publicly commented on or confirmed the speculation.