A company related to First HoldCo Plc’s significant shareholder and Chairman, Mr. Olufemi Otedola, CON, has acquired 706.13 million ordinary shares of the financial services group in a transaction valued at approximately N77.59 billion.
The disclosure, filed with the Nigerian Exchange Limited (NGX) on Wednesday and signed by the Group Company Secretary, Abiola Baruwa, showed that Calvados Global Services Limited, a company related to Otedola, purchased 706,131,179 ordinary shares of First HoldCo Plc at N109.88 per share.
According to the insider dealing notification dated July 22, 2026, the transaction was executed on the floor of the Nigerian Exchange Limited (NGX) in Lagos on the same day.
The notification identified Calvados Global Services Limited as a company related to a significant shareholder, Mr. Olufemi Otedola, CON, and stated that the filing was an initial notification.
The disclosure further revealed that the transaction involved the purchase of ordinary shares of First HoldCo Plc with ISIN: NGFBNH000009.
Based on the transaction details, the acquisition is valued at about N77.59 billion, making it one of the largest insider-related share purchases recorded in the company’s recent history.
The filing was made in compliance with regulatory requirements governing insider dealings and market transparency, which require directors, significant shareholders and their related entities to disclose transactions involving the shares of listed companies.
The latest acquisition is expected to reinforce Otedola’s position in First HoldCo, where he has steadily increased his stake in recent years. Market analysts say such insider purchases are often interpreted as a strong vote of confidence in a company’s long-term prospects, although they are primarily aimed at ensuring transparency and protecting investors.
The notification did not provide additional details on the purpose of the acquisition or whether it forms part of a broader investment strategy by the related entity.
First HoldCo Plc is the parent company of First Bank of Nigeria Limited and other financial services subsidiaries. Its shares are listed on the Premium Board of the Nigerian Exchange Limited.
