Businessman and Chairman of First HoldCo Plc, Femi Otedola, has given his investment in the financial company a boost after a related firm acquired 706.13 million ordinary shares worth ₦77,589,693,948.52 in a single transaction on the Nigerian Exchange (NGX). A notification of share dealing dated July 22, 2026, and made available to Channels Television showed that the firm, Calvados Global Services Limited, related to the billionaire, purchased 706,131,179 units of shares at ₦109.88 per share on the Nigerian Exchange Limited on Wednesday.
This comes less than three months after Otedola acquired additional shares of First HoldCo Plc valued at approximately ₦43.41 billion. The transaction in May 2025 was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) and signed by the group company secretary, Abiola Baruwa.
The acquisition involved the purchase of 549,535,653 shares at an average price of ₦79 per share. The billionaire had in September 2025 increased his stake in the company with the purchase of 39,313,379 units valued at ₦1.21 billion. Otedola, who became the chairman in October 2024, is regarded as one of Nigeria’s biggest investors.
In May 2026, he announced plans to invest his $100 million Geregu power plant stake in the Dangote Refinery. READ ALSO: VIDEO: Otedola Places $100m Geregu Power Plant Stake In Dangote Refinery Forbes, in March 2026, ranked him among the Africa Billionaires list.
Forbes estimated that Otedola lost about $200 million following the sale of a majority stake in Geregu Power Plc at a discount to its market price. The list also includes the founder of the Dangote Group, Aliko Dangote; Chairman of BUA Group, Abdulsamad Rabiu; and the founder of Globacom, Mike Adenuga.