First HoldCo Plc witnessed significant insider trading activity on the Nigerian Exchange as Group Chairman, Mr. Olufemi Otedola, strengthened his hold on the financial services group with a massive share purchase valued at N14.82 billion.
NGX corporate filings show that Otedola, a major shareholder, acquired 369,986,122 ordinary shares of First HoldCo Plc in a transaction executed on Wednesday.
The shares were purchased at N40.06 per unit under the identification code NGFBNH000009, through Calvados Global Services Limited, a company linked to him.
The transaction formed part of three separate insider dealings recorded for First HoldCo Plc, the parent company of FirstBank, on the same day, highlighting shifting positions among top executives.
In a related move, the Group Managing Director of First HoldCo Plc, Mr. Adebowale Oyedeji, also increased his equity stake in the company. Oyedeji purchased one million ordinary shares at an average price of N33.96 per share through Bowarol Investment Limited, a company associated with him.
While Otedola and Oyedeji were boosting their interests in the holding company, another senior executive moved in the opposite direction. Mr. Ini Ebong, Deputy Managing Director of First Bank of Nigeria Limited, sold 11,783,333 ordinary shares of First HoldCo Plc. The sale was executed on December 12, 2025, at an average price of N31.14 per share on the Nigerian Exchange.
Otedola’s latest acquisition signals a continued effort to consolidate control of the holding company, where he already wields considerable influence as chairman and majority shareholder.
In September 2025, he acquired 39,313,379 units valued at N1.21 billion at N31 per share in a transaction executed in Lagos. On the same day, Calvados Global Services Limited also purchased 25,565,289 ordinary shares worth N792.5 million at the same price and under the same transaction code.
Since assuming the role of Group Chairman in January 2024, Otedola has consistently expanded his equity position in First HoldCo Plc.
Also Read: First HoldCo distances Otedola from recent share purchase
The company’s second-quarter financial results released on July 30, 2025, showed that Otedola held a direct stake of 3,212,032,866 shares, representing 7.67 per cent, alongside an indirect holding of 3,465,560,297 shares, or 8.28 per cent. By September, his direct shareholding had increased to 3,251,346,245 units (7.77 per cent), while his indirect stake rose to 3,491,125,586 units (8.34 per cent).
The latest purchase further boosts his overall ownership in the group.
Market watchers say the growing concentration of shares under Otedola strengthens his influence over board decisions and the long-term strategic direction of First HoldCo Plc.
Meanwhile, the Nigerian Exchange closed Thursday’s trading session on a positive note, extending its rally as investors gained N331.65 billion.
The All-Share Index advanced by 0.35 per cent to 150,363.05 points, pushing total market capitalisation to N95.86 trillion. Market breadth remained positive, with 35 gainers outperforming 26 losers.
NESTLE, GUINNESS, ALEX, DAARCOMM and MECURE topped the gainers’ chart, while STANBIC, LASACO, AFRIPRUD, AUSTINLAZ and STERLINGNG recorded the steepest losses.
Sectoral performance was mixed.
The Consumer Goods index led with a 1.23 per cent gain, followed by Banking stocks, which rose 0.56 per cent, and Oil and Gas, up 0.05 per cent. The Insurance sector dipped by 0.23 per cent, while the Industrial and Commodity sectors closed flat.
Trading activity slowed significantly, with share volume falling by 85.83 per cent to 839.77 million units. Transaction value dropped by 84.83 per cent to N32.81 billion, while the number of deals declined by 7.91 per cent to 23,211.
In the foreign exchange market, the naira weakened slightly, depreciating by 0.16 per cent to N1,457.84 per dollar at the official NAFEM window and slipping by 0.20 per cent to N1,474 per dollar in the parallel market.
Analysts at Cowry Assets linked the currency movement to mounting pressure across both the official and informal foreign exchange segments.
News Express
