- Femi Otedola boosts First HoldCo stake with N18 billion share purchase, now holding 26 per cent ownership
- First HoldCo surpasses N6 trillion market capitalisation, a first for Nigerian banking groups
- Stock hits new N150 record after remarkable year-long rally, reflecting strong investor confidence
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has intensified his investment in the financial services group after acquiring an additional N18 billion worth of shares, as the company’s stock continues its remarkable rally on the Nigerian Exchange.
Otedola, through his company Calvados Global Services Limited, purchased 138,041,465 shares at N131.20 each on Thursday, August 6, according to a regulatory filing with the Nigerian Exchange Limited (NGX).
Credit: First Bank.
Source: UGC
The latest transaction further strengthens Otedola’s position as First HoldCo’s largest individual shareholder, taking his interest to about 26 per cent.
The acquisition comes as First HoldCo’s market valuation surges on the back of strong financial results, robust investor confidence and growing expectations around the group’s transformation under its current leadership.
Otedola signals bigger ambitions
Otedola’s latest share purchase reinforces his long-term commitment to the banking group and signals that he could continue accumulating shares as the company pursues its growth strategy.
The billionaire investor has previously indicated that his investment philosophy can involve pursuing majority ownership, potentially taking his stake beyond 51 per cent where strategic opportunities arise.
Such a move would represent a significant expansion of Otedola’s influence over one of Nigeria’s oldest and most prominent financial institutions.
His growing stake has also become a major talking point among investors, particularly as First HoldCo continues to post strong market and financial performance.
First HoldCo breaks N6 trillion valuation barrier
First HoldCo recently achieved a major milestone, becoming the first banking group listed on the Nigerian Exchange to surpass N6 trillion in market capitalisation.
The milestone was supported by strong half-year financial results, including profit after tax of more than N526 billion, alongside heightened demand for the company’s shares.
The performance has helped transform investor sentiment around the stock, with First HoldCo emerging as one of the strongest performers in Nigeria’s banking sector.
Shares hit fresh N150 record
First HoldCo’s stock has delivered a dramatic rally over the past year. The shares previously traded as low as N29.25 before climbing to a 52-week high of N140.
The upward momentum accelerated on Friday, August 7, when the stock hit a fresh high of N150 per share in early trading.
The new price represents a N10, or 7.14 per cent, increase from its previous level, underscoring the intensity of buying pressure surrounding the banking group.
First HoldCo 10 most valuable banks
Legit.ng earlier reported that First HoldCo Plc, the parent company of First Bank of Nigeria, has emerged as the most valuable banking stock on the Nigerian Exchange (NGX), overtaking Zenith Bank after a strong rally in its share price lifted its market capitalisation to N4.80 trillion.
Data compiled by Legit.ng from NGX trading on Monday showed that First HoldCo displaced Zenith Bank from the top position, while Guaranty Trust Holding Company (GTCO) ranked third.
A company’s market capitalisation represents its value on the stock exchange and is calculated by multiplying its current share price by the total number of outstanding shares.
Source: Legit.ng