When business leaders commit billions of naira to a company they already control, markets pay attention. When that investment comes from Femi Otedola, one of Nigeria’s most influential investors, it sends an even stronger message about confidence, conviction and long-term strategy.

The Chairman of First HoldCo Plc has once again demonstrated that confidence by acquiring an additional 706.13 million ordinary shares in the financial services group, a transaction valued at approximately N77.6 billion on the Nigerian Exchange Limited (NGX).

The acquisition is more than another large stock market transaction. It represents one of the biggest disclosed insider purchases on the Exchange this year and reinforces Otedola’s growing influence over one of Nigeria’s most valuable financial institutions.

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According to a regulatory filing submitted to the Nigerian Exchange, the shares were acquired on July 22, 2026, through Calvados Global Services Limited, a company related to Otedola, at N109.88 per share. The transaction involved 706,131,179 ordinary shares, bringing the total consideration to approximately N77.59 billion.

The filing classified the transaction as an initial notification of insider dealing, identifying Calvados Global Services Limited as a company related to the significant shareholder and Chairman of First HoldCo.

With the latest acquisition, Otedola’s combined holdings now stand at 9.28 billion shares, representing approximately 21.95 per cent of the company. The increased ownership further consolidates his position as one of the institution’s most influential shareholders while underscoring his commitment to the group’s long-term transformation.

The timing of the purchase is particularly significant. It comes amid an extraordinary period for First HoldCo, whose shares have emerged among the Nigerian Exchange’s strongest performers in 2026 as investors continue to reward the company’s improving financial fundamentals and strategic repositioning.

Investor optimism has been driven by record profitability, stronger capital adequacy, improving asset quality and growing confidence in the institution’s execution strategy under its current leadership.

Only days before Otedola’s latest investment, First HoldCo reached another historic milestone by becoming the first Nigerian banking stock to surpass a N5 trillion market capitalisation during intraday trading, cementing its position as the country’s most valuable listed banking institution.

Behind that remarkable market performance lies equally impressive financial results.

For the six months ended June 30, 2026, First HoldCo reported a record pre-tax profit of N653.54 billion, representing an 83.5 per cent increase over the N356.15 billion recorded during the corresponding period in 2025.

The group also posted interest income of N1.40 trillion, net interest income of N879.13 billion and net fee and commission income of N178.51 billion, reflecting stronger earnings quality alongside continued improvements in operational efficiency and balance sheet resilience.

Those results have strengthened investor confidence that the transformation programme initiated over recent years is translating into measurable financial performance.

For Otedola, the latest acquisition appears consistent with an investment philosophy that has characterised much of his corporate career. He has historically maintained significant ownership positions in businesses where he seeks to influence long-term strategic direction.

Before gradually reducing his holdings in Geregu Power Plc, for instance, he controlled approximately 78 per cent of the company, illustrating his preference for maintaining meaningful equity positions in businesses he believes possess strong growth potential.

First HoldCo, however, presents a different ownership dynamic. Unlike companies dominated by a handful of shareholders, the financial institution maintains a relatively broad investor base, with a free float of 56.59 per cent, according to its latest half-year financial statements.

Prior to the latest acquisition, the company’s June 30, 2026 shareholding disclosure showed Otedola owned 3.25 billion shares directly and 6.03 billion shares indirectly, representing a combined 20.4 per cent interest.

The additional purchase further increases that economic stake and strengthens market expectations that the billionaire investor remains committed to the institution’s long-term value creation strategy.

Beyond the numbers, the acquisition sends a broader signal to the investment community. Insider purchases of this magnitude are often interpreted as expressions of confidence in a company’s future prospects, particularly when they occur after strong financial performance and sustained market momentum.

For First HoldCo, Otedola’s latest investment reinforces the narrative of a financial institution that has successfully repositioned itself through stronger governance, improved profitability and disciplined execution.

For investors, it represents another powerful endorsement from the company’s largest strategic shareholder.

And for Nigeria’s capital market, the transaction stands as one of the clearest demonstrations this year that long-term value creation continues to attract significant capital, even in an increasingly competitive financial landscape.