Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has significantly consolidated his control over the financial services group after acquiring 706.13 million additional shares worth approximately ₦77.59 billion in a single transaction on the Nigerian Exchange (NGX).

Executed through his investment vehicle, Calvados Global Services Limited, at ₦109.88 per share, the massive purchase has increased his ownership stake in the parent company of FirstBank from 20.42 percent to 21.96 percent, bringing his total volume under management to roughly 9.99 billion shares.

With this latest acquisition, the total market value of Otedola’s equity holding in First HoldCo has surpassed ₦1.04 trillion, marking a dramatic surge from the ₦566.43 billion valuation recorded in mid-June. The transaction comes shortly after his participation in the lender’s ₦45 billion private placement, where he procured 680 million shares valued at ₦29.6 billion, further anchoring his position as the group’s single largest individual shareholder amidst the banking sector’s ongoing recapitalisation exercise.