Otedola's First HoldCo stake surges to N1.82 trillion after Calvados acquisitions
Femi Otedola's stake in First HoldCo Plc surged to N1.82 trillion market value after his related entity Calvados Global Services Limited acquired 2.867 billion shares for N351.17 billion between July and August 2026. His total holding now stands at 12.145 billion shares (26.71% of First HoldCo's 45.475 billion issued shares), up from 20.40% as of June 30, 2026.
The share price climbed from N56.05 to N149.90, with Calvados' largest single purchase being 1.779 billion shares at N124.90 on July 30. Otedola, who became chairman in January 2024, describes this as a deliberate phased acquisition to rescue and reposition the bank, citing his strategy of seeking majority control (above 51%) as seen in previous investments like Forte Oil and Geregu Power.
This consolidation of ownership comes as RC Investment Management holds 22.94%, putting the top two shareholders at nearly 49.65% of issued shares. While maintaining NGX free-float compliance, the trend signals potential strategic shifts at First HoldCo.
Given Otedola's stated threshold of 51% for control, will this increased stake lead to board changes, new strategic direction for the bank, or trigger other major shareholders to adjust their positions?