The Nigerian capital market witnessed a seismic shift as billionaire investor, Mr. Femi Otedola, increased his stake in First HoldCo Plc through a massive N43.4 billion investment.
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A regulatory filing on Nigerian Exchange Limited (NGX) on May 13 revealed that Calvados Global Services Limited, an entity linked to the business mogul, acquired 549,535,653 ordinary shares of the financial institution at N79 per share in a single trading session.
The financial institutional stake increased from 8,055,314,486 units reported in the 2025 financial year to 8,860,850139 amid the latest acquisition.
The acquisition this week is coming at a time First Holdco declared an impairment charge on financial instruments soaring at N826.3 billion in 2025, which is about 94 per cent increase over N426.29billion declared in 2024 financial year.
From the audited result and accounts, the group’s operating expenses were N1.2 trillion in 2025, representing an increase of 32.1 per cent from N934.16 billion in 2024.
The group closed 2025 with profit before tax of N220.28 billion, a decline of 72 per cent from N781.88 billion reported in 2024, while profit for 2025 was N147.25 billion, also a decline of 78 per cent from N663.499 billion reported in 2024.
The decline in profit was primarily as a result of a 93.8 per cent rise in impairment charges and the normalisation of foreign exchange gains recorded in prior years.
The holding company also announced the appointment of Dr. Julius Omodayo-Owotuga as Executive Director effective May 13, 2026.
The move, according to the group, aims to strengthen leadership in finance, governance, risk, and transformation.
The appointment, disclosed through the Exchange, also highlighted Omodayo’s 24 years of experience across banking, infrastructure finance, power, oil and gas, auditing, and consulting.
The board said his appointment “reinforces the group’s focus on strong governance, disciplined execution, financial resilience, and sustainable long-term growth across its businesses”.
Meanwhile, the aggressive insider accumulation by Otedola comes at a time when the broader market is closely watching the banking sector’s recapitalisation efforts, marking the move a high-conviction endorsement of the firm’s future upside.
Commenting on the significance of the transaction, market observers said in capital markets, there were moments when rhetoric was irrelevant and conviction was measured only in cash deployed.
The sentiment was echoed by analysts who remarked that smart money rarely announced its intentions with words, but rather announced them with action.
The acquisition effectively saw Otedola buy deeper influence and a larger claim on the future of one of Nigeria’s most systemically important financial institutions.
By committing over N43 billion of personally linked capital at prevailing market prices, the billionaire has chosen the oldest and most credible language in finance: capital commitment.
Observers said Otedola did not merely buy shares but also sent a clear message to the investing public that he remained a dominant force in Nigeria’s corporate landscape.
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