Femi Otedola’s First HoldCo stake soars to N1.82 trillion in market value
The Chairman of First HoldCo Plc, Mr. Femi Otedola's disclosed and implied shareholding in the Tier 1 lender has jumped dramatically to N1.82 trillion in market value since the company's half-year (H1 2026) financial statements were filed with the Nigerian Exchange Limited (NGX) in late July. The post Femi Otedola’s First HoldCo stake soars to N1.82 trillion in market value appeared first on…
Femi Otedola, Chairman of First HoldCo Plc, has seen a significant increase in his shareholding value within the Tier 1 lender. As of H1 2026, the disclosed and implied stake in the company's market value has skyrocketed to N1.82 trillion. This surge came after Calvados Global Services Limited, an entity linked to Otedola, made aggressive share acquisitions from First HoldCo.
Calvados Global Services Limited spent approximately N351.17 billion to acquire 2.867 billion shares, resulting in a substantial boost to Otedola's holding. Previously, Otedola had disclosed and implied a 20.40% stake in First HoldCo. However, after the July to August 2026 acquisitions, his combined stake rose to about 26.71% of the company's 45.475 billion issued shares.
The latest financial statements filed with the Nigerian Exchange Limited (NGX) show that as of June 30, 2026, Otedola directly held 3.251 billion shares, representing 7.15%. Following the H1 2026 period, Calvados Global Services Limited added 2.867 billion shares, bringing Otedola's total holding to approximately 12.145 billion shares, or around 26.71%.
At the current share price of N149.90, the combined holding is valued at approximately N1.82 trillion. This valuation reflects a market appreciation of around N1.301 trillion compared to the H1 2026 reporting date. Calvados Global Services Limited's acquisitions were the largest single transaction occurring on July 30, where the company purchased 1.779 billion shares, equivalent to roughly 3.91% of First HoldCo's issued share capital in a single day.
This ownership structure helps First HoldCo comply with NGX Premium Board free-float requirements. The N1.821 trillion valuation of Otedola's implied stake is based on the September 2, 2026 market closing price of N149.90 per share, not the acquisition cost. Otedola has previously stated that he generally invests in companies with a shareholding threshold above 51%, citing his past ownership-building strategies at Forte Oil and Geregu Power.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
