The chairman of First HoldCo, Femi Otedola, has acquired 1.77 billion shares of the financial institution through his investment vehicle, Calvados Global Services Limited.

According to a statement obtained from the Nigerian Exchange, Otedola acquired the shares at a value of N222.20 billion on Thursday.

The latest purchase marks one of the largest single transactions in Otedola’s sustained accumulation of First HoldCo shares since he emerged as the bank’s largest shareholder in 2021 and took over as chairman in January 2024.

It follows a series of major acquisitions earlier this year, including a 706.13 million-share purchase worth N77.6 billion executed through Calvados on July 22, which had lifted his combined stake to about 21.95 per cent of the company.

That July 22 transaction was, at the time, the largest sum Otedola had committed to a single purchase since taking the bank’s chairmanship, and was executed at a premium of about 4 per cent above the prevailing market price.

Before that, Otedola had acquired 672.9 million new shares in June through the second tranche of First HoldCo’s N45 billion private placement programme, at N44 per share, taking his stake to 20.4 per cent.

Otedola’s position has been built in stages, rising from 6.68 billion shares (15.95 per cent) at the end of June 2025, to 8.06 billion shares (18.12 per cent) by March 2026, and to 9.28 billion shares (20.40 per cent) three months later — an increase of roughly 1.22 billion shares in a single quarter.

The accumulation has coincided with a sharp rally in First HoldCo’s share price. The stock closed a recent session at N127, up from N47.9 at the close of 2025, a rise of 165 per cent, after the company reported record half-year results.

First HoldCo overtook Zenith Bank and Guaranty Trust Holding Company in July to become Nigeria’s most valuable banking stock, with its market capitalisation reaching about N4.80 trillion.

The bank’s improved fortunes have been underpinned by strong earnings. First HoldCo reported a pre-tax profit of N653.54 billion for the first half of 2026, an increase of 83.5 per cent on the N356.15 billion recorded a year earlier, while profit after tax rose 81.57 per cent to N526.13 billion.

Otedola’s share purchases form part of a broader recapitalisation drive at the bank. First HoldCo is raising fresh equity toward a target of N1 trillion in paid-up capital, double the Central Bank of Nigeria’s N500 billion minimum for banks with international operations, and shareholders have approved raising up to a further N253.1 billion toward that goal.

Otedola has repeatedly stressed that the funds behind his purchases are his own and not borrowed, a point he has drawn attention to given the debt challenges that affected his fortunes during an earlier downturn in the oil sector.

First HoldCo is the parent company of First Bank of Nigeria, the country’s oldest banking institution.