Billionaire investor Femi Otedola has increased his stake in First HoldCo Plc after acquiring shares worth about N43.4 billion in one of the largest single transactions on the Nigerian Exchange this year.
A regulatory filing on the Nigerian Exchange showed that the transaction was executed on May 13, 2026, with Otedola purchasing 549.5 million ordinary shares at an average price of N79 per share.
The acquisition lifted Otedola’s total holding in First HoldCo to 8.60 billion shares, representing a 19.35 percent stake in the banking group, up from the 18.12 percent stake, or 8.05 billion shares, disclosed in the company’s audited 2025 financial statements.
The latest purchase cements Otedola’s position as the second-largest shareholder in the group behind RC Investment Management Ltd, which holds 10.43 billion shares, equivalent to a 23.47 percent stake.
The deal triggered heavy investor activity in First HoldCo shares on Wednesday, with trading volume exceeding 575 million units by the close of trading, according to market data from the Nigerian Exchange. The volume marked the stock’s highest daily turnover of 2026 and extended a rally that has seen the shares gain more than 57 percent since the start of the year.
The heightened market activity also followed the company’s announcement that shareholders would consider plans to raise N253 billion at its Annual General Meeting scheduled for May 29, 2026.
First HoldCo said the proposed capital raising forms part of efforts to strengthen its balance sheet and support plans to achieve a N1 trillion capital base, including share capital and premium.
According to the company, the fundraising could be executed through multiple channels, including a public offer, rights issue, private placement, share issuance, bonus issue or scrip dividend programme.
The fresh investment by Otedola comes amid stronger earnings momentum at the financial group in the first quarter of 2026.
First HoldCo reported pretax profit of N321.1 billion for the three months ended March 31, 2026, compared with N186.4 billion recorded in the corresponding period of 2025, representing a 72.2 percent increase.
The lender said the growth was driven by higher interest income and stronger non-interest revenue.
Interest income rose to N704.4 billion in the first quarter from N625.2 billion a year earlier, supported mainly by earnings from loans and advances to customers, investment securities and interbank lending activities.
Income from loans and advances to customers stood at N465.5 billion during the period, while investment securities contributed N192.9 billion. Loans and advances to banks generated N45.9 billion.
Net fees and commissions also increased to N78.9 billion from N64.1 billion in the same quarter last year, helping to push operating profit to N320 billion from N186.6 billion.
The group’s balance sheet also expanded during the quarter, with total equity rising to N3.4 trillion from N3.3 trillion at the end of 2025.
Retained earnings climbed to N667.9 billion from N401.7 billion, a development analysts say could strengthen the company’s dividend-paying capacity in future periods.
First HoldCo remains one of the most actively traded banking stocks on the Nigerian Exchange, with cumulative trading volume exceeding 2.4 billion shares year-to-date. The company’s market capitalisation currently stands above N3 trillion.