Otedola’s N300 Billion FirstHoldCo Buying Spree Lifts Shares to N129.90 in July

First HoldCo Plc emerged as one of the most closely watched stocks on the Nigerian Exchange in July 2026 as billionaire investor Olufemi Otedola committed nearly N300 billion to additional shares.

The purchases increased his beneficial ownership to an estimated 25.85 percent and helped sustain strong demand that pushed First HoldCo’s share price to N129.90.

Otedola, who serves as Chairman of First HoldCo, intensified his accumulation of the financial services group’s shares during the second half of July through Calvados Global Services Limited, a company related to him.

Two major insider transactions disclosed during the month showed that Calvados acquired a combined 2.485 billion First HoldCo shares for approximately N299.8 billion.

The first transaction took place on July 22 when Calvados purchased 706,131,179 ordinary shares at N109.88 per share, representing an investment of approximately N77.6 billion.

Just eight days later, Otedola significantly increased the scale of his investment.

Calvados acquired another 1,779,094,976 First HoldCo shares at N124.90 per share on July 30, putting the value of the second transaction at approximately N222.2 billion.

Combined, the two transactions amounted to approximately N299.8 billion, effectively representing a N300 billion additional investment in First HoldCo during July alone.

The timing and size of the purchases are particularly significant because Otedola increased his exposure even as First HoldCo’s market price appreciated.

The price paid in the second transaction, N124.90 per share, was about 13.7 percent higher than the N109.88 paid for the July 22 acquisition.

Despite the higher price, the second transaction involved more than two-and-a-half times the number of shares acquired in the first purchase and almost three times the amount of capital.

The sustained accumulation coincided with strong demand for First HoldCo shares on the Nigerian Exchange, with the stock rising to N129.90 in July as investors increased exposure to the financial services company.

First HoldCo had already demonstrated considerable momentum during the week ended July 24, when its share price climbed from N95.95 to N120.50, representing a 25.59 percent weekly gain.

The stock also closed at N120.90 on July 23 after strong investor demand pushed it close to the upper price limit during the session.

Otedola’s transactions added another layer to the buying interest surrounding the stock and provided greater clarity around some of the exceptionally large volumes recorded in First HoldCo shares during the period.

His ownership position also changed substantially during the month.

At June 30, 2026, Otedola held an estimated 20.40 percent beneficial interest in First HoldCo, comprising both direct and indirect holdings.

Following the acquisition of 706.13 million shares on July 22, his estimated ownership increased to approximately 21.95 percent.

The additional 1.779 billion shares purchased on July 30 subsequently increased his estimated beneficial holding to 11.763 billion shares, representing approximately 25.85 percent of First HoldCo’s issued shares.

Progression of Otedola’s FirstHoldCo Stake

The progression means Otedola increased his estimated ownership by 5.45 percentage points in July alone, moving from 20.40 percent at the end of June to 25.85 percent following the July 30 transaction.

Compared with his 18.12 percent position at the end of March, his stake has expanded by approximately 7.73 percentage points within four months.

The transactions also had a significant impact on activity across the Nigerian Exchange.

On July 30, when the N222.2 billion transaction was executed, investors traded 2.102 billion shares valued at approximately N230.74 billion across the entire equities market.

This means the value of Otedola’s disclosed First HoldCo acquisition represented the overwhelming majority of equity turnover recorded on the Exchange that day.

First HoldCo was also one of the securities responsible for the exceptional turnover recorded during the final week of July.

First HoldCo, AVA Capital and Access Holdings jointly accounted for 2.308 billion shares worth N224.773 billion during the week ended July 31, representing 45.09 percent of total equity volume and 55.53 percent of transaction value.

The heavy activity came during a month when Nigerian banking stocks substantially outperformed the broader equities market.

The NGX Banking Index gained 22.10 percent in July, compared with a 6.92 percent increase in the NGX All-Share Index, as investors increased exposure to financial stocks amid half-year earnings releases and expectations around shareholder returns.

First HoldCo therefore benefited from both the broader revaluation of Nigerian banking stocks and the unusually strong demand associated with Otedola’s accumulation.

The scale of the billionaire’s purchases also differentiates the First HoldCo rally from ordinary speculative price appreciation.

Rather than reducing his exposure as the stock appreciated, Otedola committed substantially more capital at a higher share price.

He moved from spending about N77.6 billion at N109.88 per share on July 22 to investing approximately N222.2 billion at N124.90 per share eight days later.

By the time First HoldCo shares reached N129.90, the market price was already above the price paid for both disclosed July acquisitions.

For investors, the transactions represent a significant vote of confidence from First HoldCo’s Chairman and largest shareholder at a time when Nigerian banking stocks are experiencing renewed investor interest.

The nearly N300 billion deployed during July substantially increased Otedola’s economic exposure to First HoldCo and pushed his estimated beneficial ownership beyond one-quarter of the company.

With his stake rising from 20.40 percent to approximately 25.85 percent within a month and First HoldCo shares reaching N129.90, July marked a significant period in both Otedola’s accumulation strategy and the stock’s performance on the Nigerian Exchange.