Otedola’s Calvados Consolidates Grip on First HoldCo via Fresh NGX Insider Dealing Disclosure

In a regulatory disclosure filed on the Nigerian Exchange (NGX) on August 7, 2026, First HoldCo Plc published a formal notification of insider dealing regarding share transactions by Calvados Global Services Limited. Calvados is an investment vehicle linked to the financial group’s Chairman and major shareholder, Mr. Femi Otedola, CON.

The filing highlights Otedola’s sustained capital commitment to Nigeria’s oldest financial institution through direct equity accumulation.

This latest regulatory notice forms part of a well-coordinated consolidation campaign by Calvados over recent months. In late July 2026, the investment vehicle executed a acquisition of 1.779 billion ordinary shares at N124.90 each, valued at N222.2 billion, coming shortly after an earlier purchase of 706.13 million shares.

These combined transactions lifted Otedola’s aggregate stake past 11.96 billion shares, representing approximately 25.88 percent of First HoldCo’s total issued equity. The sustained buying momentum has driven a rally on the exchange, propelling the stock to a record high of N140 per share, pushing the holding company’s market capitalization beyond N6 trillion, and positioning First HoldCo as Nigeria’s most valuable listed banking group.

Looking ahead, market analysts expect Calvados to remain an active vehicle for Otedola as he reinforces his long-term strategic control. The influx of capital and heightened market confidence come at a crucial juncture, as First HoldCo prepares to launch a shareholder-approved N253 billion capital raise.

This expansion plan is intended to comfortably surpass the Central Bank of Nigeria’s N500 billion minimum capital threshold for banks with international authorizations, solidifying First HoldCo’s financial foundation for future regional growth.