First HoldCo Plc. Chairman, Mr. Femi Otedola yesterday increased his equity in the longest surviving banking group with N222.3 billion.
In the acquisition he became the single largest stakeholder of the corporation, The Nation said.
Otedola purchased an extra 1.779 billion ordinary shares of 50 kobo each of First HoldCo at N124.90 per share, a total of N222.3 billion, according to a regulatory filing at the Nigerian Exchange (NGX).
Yesterday’s deal was a recent pattern of the businessman’s acquisition.
In a big single transaction referencing a cross deal, the Lagos millionaire bought the new shares through his firm, Calvados Global Services Limited.
A cross deal is generally a pre-arranged transaction between a seller and a buyer who have been brought to the market for the legal transfer of ownership.
The recent transaction raised Otedola’s position in the company to around 11.77 billion shares, representing about 25.9 per cent of First HoldCo’s entire issued share capital.
This saw Otedola overtake RC Investment, an institutional bridge holder with 10.43 billion shares or 22.94 per cent equity holding, to become the single largest stakeholder in the banking group.
RC Investment had become a large institutional shareholder following the negotiated divestments of 10.4 billion shares formerly owned by two key long-standing stakeholders of First HoldCo – Mr. Oba Otudeko and Mr. Oye Hassan-Odukale.
The recent deal valued Otedola’s fresh stakes in the banking group at around N343.3 billion in the past three months.
This month, Otedola bought 706.13 million ordinary shares for N77.59 billion via Calvados Global Services.
Also, on May 13, 2026, he acquired 549.536 million ordinary shares of 50 kobo apiece, valued at N43.413 billion through the same Calvados Global Services Limited.
The price gap gave Otedola’s bid for more control of the banking group a sharper edge. The transaction was crossed at N124.90 per share compared to N109.88 per share and N79 per share for the two preceding transactions in July and May, 2026.
First HoldCo’s share price plummeted by 3.96 per cent to finish at N119.95 yesterday.
The Otedola-led board of First HoldCo has established a dividend policy that would ensure the business shares at least 60 per cent of its net profit as dividends to its shareholders yearly.
In a regulatory filing at the NGX, the board said the dividend policy, approved at its meeting of July 28, was a reflection of the board’s confidence in the group’s earnings capacity, strengthened capital position, improving asset quality, diversified revenue streams and strong outlook for sustained profitability and growth.
The board resolution was a vote of confidence in the strength of the franchise, the longevity of its profitability and commitment to generating meaningful value to shareholders, Otedola said.
He said: “In the last two years we have taken tough but necessary steps to strengthen governance, clean up the balance sheet, restore confidence, rebuild capital and reposition the group for long term growth.
“Those strategic decisions are just starting to pay dividends. As our businesses’ performance continues to improve, it is only right that our shareholders engage more directly in the value created.”
The board referred to the group’s first-half 2026 results and said the performance during the six-month period demonstrated the success of the group’s transformation program and the effectiveness of recent board and management efforts.
Key extracts of the interim results for the six months ended June 30, 2026 revealed total earnings rose by 166.7 per cent to N1.93 trillion.
Operating income increased by 25.8 per cent to N1.38 trillion. Profit before tax increased by 83.5 per cent to N653.5 billion and net profit after tax increased by 81.6 per cent to N526.1 billion.
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