Femi Otedola spent ₦222.21 billion — approximately $160 million — on a single block of First HoldCo shares, his second major purchase of the month and by far his largest disclosed transaction in the Nigerian financial group to date, according to Business Insider Africa.
The purchase was executed through Calvados Global Services Limited, a company related to Otedola, acquiring 1,779,094,976 ordinary shares at ₦124.90 each on the Nigerian Exchange. That single transaction raised Otedola's combined holding from roughly 9.99 billion shares (21.96%) to approximately 11.77 billion shares, or 25.88% of the company — a significant jump for one month's activity.
This was not a standalone move. Earlier in July, Calvados acquired 706,131,179 shares at ₦109.88 each, a deal valued at ₦77.58 billion. Combined, the two July purchases total approximately ₦299.79 billion — close to $215 million — with the latest block alone worth nearly three times the earlier deal, as Nairametrics reported.
The official insider-dealing notification filed with the Nigerian Exchange identifies Calvados as the buyer and flags it as related to Otedola, who chairs First HoldCo's board. The filing records the price per share but does not name the seller or explain what prompted the large block to become available. Crucially, it does not confer legal control: at 25.88%, Otedola holds a powerful minority position with substantial voting weight and board influence, but First HoldCo remains a publicly traded company with significant institutional and retail ownership alongside his stake.
First HoldCo is the parent of First Bank of Nigeria, one of the country's oldest and largest lenders, alongside other financial services subsidiaries. Its scale means that concentrated ownership shifts carry implications well beyond one individual's portfolio. The group posted a $303 million profit for the first nine months of 2025, according to Business Insider Africa — a performance window that predates the latest acquisition but underscores why the asset is attracting such aggressive accumulation.
The buying spree marks a decisive sectoral pivot for Otedola. Business Insider Africa previously reported his $750 million exit from Geregu Power, ending a long investment cycle in Nigeria's electricity sector. The proceeds appear to be finding a new home in financial services, with nearly ₦300 billion committed to First HoldCo shares across just two transactions in a single month.
For market observers, the price movement between the two July purchases is telling. The first block was acquired at ₦109.88 per share; the second at ₦124.90 — a roughly 13.7% step-up within weeks, suggesting either rising market prices for First HoldCo stock or a premium paid to secure a large block. Either way, Otedola paid more per share as he pushed deeper into the position, which signals conviction rather than opportunistic dip-buying.
The governance question this raises is pointed. A chairman who also owns 25.88% of voting shares occupies an unusual position of concentrated influence in a publicly listed Nigerian bank holding company. The filing is careful to stop short of describing a change of control, and regulatory thresholds for mandatory takeover bids under Nigerian Exchange rules would become relevant at higher ownership levels — making Otedola's next disclosure worth watching closely.
Why it matters: With close to $215 million deployed into First HoldCo shares in one month alone, Otedola is now the most consequential single shareholder in one of Nigeria's systemically important financial groups — and his next move, whether accumulating toward a threshold that triggers a formal takeover bid or consolidating influence as a permanent anchor shareholder, will set the tone for corporate governance in Nigerian banking for years ahead.