Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has increased his stake in the financial holding company after a related entity purchased 706.13 million ordinary shares valued at approximately N77.6 billion in a single transaction on the Nigerian Exchange.

The acquisition was disclosed in a regulatory filing submitted to the NGX on Wednesday.

The acquisition came just days after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to surpass the N5 trillion market capitalisation milestone.

The latest purchase further strengthens Otedola’s position in one of the best-performing banking stocks on the Nigerian Exchange this year, bringing his combined shareholding to 9,277,792,037 shares, representing a 21.95 per cent stake in the company.

A regulatory filing submitted to the Nigerian Exchange revealed that Calvados Global Services Limited, a related entity of First HoldCo Chairman and significant shareholder Femi Otedola, acquired 706,131,179 ordinary shares in the company at N109.88 per share on July 22, 2026.

The transaction was valued at approximately N77.59 billion.

The filing classified the transaction as an initial notification of insider dealing and identified Calvados Global Services Limited as “a company related to a significant shareholder – Mr. Olufemi Otedola, CON.”

The acquisition ranks among the largest disclosed insider purchases on the Nigerian Exchange this year, underscoring the scale of Otedola’s continued investment in First HoldCo.

The transaction comes amid a sustained rally in the company’s shares, driven by record profitability, improving asset quality, stronger capital adequacy and growing investor confidence in the Group’s transformation strategy.

The latest purchase also signals continued confidence in First HoldCo’s long-term growth prospects.

The additional 706.13 million shares acquired through Calvados Global Services Limited will further increase his combined economic interest in the company, although the exact post-transaction ownership percentage will only be confirmed in First HoldCo’s next official shareholding disclosure.

The insider purchase came barely a day after First HoldCo became the first Nigerian banking stock to surpass a N5 trillion market capitalisation during intraday trading, reinforcing its position as the country’s most valuable listed banking institution.

The acquisition also comes amid the Group’s strongest financial performance on record.