Otedola, Calvados Acquire 64.8m First HoldCo Shares Worth N2bn

First HoldCo Plc has notified the Nigerian Exchange Limited of insider dealings involving its Chairman, Femi Otedola, and his affiliated company, Calvados Global Services Limited, who jointly acquired 64.8 million shares of the group valued at over N2 billion.

In a regulatory filing dated September 24, the company disclosed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share. In addition, Calvados Global Services Limited, a company linked to the billionaire investor, bought 25,565,289 ordinary shares at the same price.

The combined transaction amounted to 64,878,668 shares, translating to an investment worth about N2.01 billion at the stated unit price. According to the filing, the deals were executed on September 23, 2025, on the floor of the Nigerian Exchange in Lagos.

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The disclosure, signed by the company’s board, emphasised compliance with regulatory requirements on insider dealings and transparency in shareholding transactions.

With this acquisition, Otedola, who already holds a significant stake in First HoldCo, further consolidates his position as a major shareholder in the financial services group.

Last year, Otedola increased his stake in the company after acquiring 2,029,376,358 units of shares valued at N18.95 billion. He directly purchased 316,506,776 units at N21.91 per unit, a deal worth about N6.93 billion.

Also, in July, shares of First HoldCo climbed to a 52-week high of N36.45 per unit, following significant share divestments by firms linked to businessman Oba Otudeko and former FirstBank chairman, Tunde Hassan-Odukale, in off-market transactions.