Femi Otedola has increased his stake in First HoldCo Plc after acquiring an additional 147.74 million shares in the financial services group for N20.7 billion.

The transaction, executed on August 14 at N140 per share, was carried out through Calvados Global Services Limited, an investment vehicle linked to the billionaire businessman.

The latest acquisition adds to Otedola’s series of major purchases in First HoldCo this year, bringing his disclosed share acquisitions in the company to more than N400 billion.

Otedola, who serves as Chairman of First HoldCo, has continued to increase his stake in the group and previously disclosed plans to raise his ownership to more than 51 per cent.

His accumulation of First HoldCo shares accelerated significantly in the second half of the year. In May, Otedola acquired 549.54 million shares for about N43.41 billion, followed by another 672.9 million shares valued at N29.6 billion in June through the company’s private placement programme.

He further increased his purchases in July, acquiring 706.13 million shares for approximately N77.58 billion on July 22.

Later in July, Otedola made his largest disclosed acquisition, purchasing 1.78 billion shares for approximately N222.21 billion.

Otedola followed the July acquisition with another purchase of 138.04 million shares worth N18.11 billion in early August.

Including the latest transaction, his disclosed share purchases in First HoldCo in 2026 have risen to approximately N412 billion.

The aggressive buying has coincided with a strong rally in First HoldCo’s share price. The stock closed at N140 on August 17, after hitting an intraday high of N150 earlier in the month.