Femi Otedola Buys Additional ₦12.58 Billion FirstBank Shares — Here’s How the Billionaire Is Moving Billions in 2026

Femi Otedola Buys Additional ₦12.58 Billion FirstBank Shares — Here’s How the Billionaire Is Moving Billions in 2026

Where is this man seeing money in this tough Nigerian economy? 

Billionaire businessman Femi Otedola has once again made a major move in Nigeria’s capital market after acquiring an additional 95,699,240 shares of First HoldCo Plc, the parent company of FirstBank, in a transaction worth approximately ₦12.58 billion.

The latest acquisition was made on Monday, August 24, 2026, through Calvados Global Services Limited, an investment vehicle linked to Otedola.

According to the regulatory filing submitted to the Nigerian Exchange Limited (NGX), the shares were purchased at ₦131.48 per share, bringing the total value of the transaction to approximately ₦12.58 billion.

Otedola Keeps Buying First HoldCo Shares

The latest purchase is not an isolated transaction.

Otedola has been aggressively increasing his investment in First HoldCo throughout 2026, making several large share purchases within a relatively short period.

In July, Calvados Global Services Limited acquired approximately 1.779 billion First HoldCo shares worth ₦222.21 billion in a single transaction. Another acquisition of about 706.13 million shares worth ₦77.59 billion was also disclosed earlier that month.

In August, the buying continued.

Calvados acquired approximately 138.04 million shares in an earlier August transaction and another 147.74 million shares worth about ₦20.68 billion shortly afterward. The latest purchase adds another 95.7 million shares to the position.

Proshare, citing the NGX filing, reported that Calvados’ three August purchases alone amounted to approximately 381.48 million shares valued at ₦51.37 billion.

Otedola’s First HoldCo Stake Rises Further

Following the latest acquisition, reports indicate that Otedola’s beneficial ownership in First HoldCo has risen to approximately 27.70%, making him the company’s largest individual shareholder.

The latest 95.7 million shares represent about 0.21% of First HoldCo’s outstanding shares.

This is significant because Otedola has been steadily building his position in the financial institution since becoming its chairman.

His increasing stake has made him one of the most influential shareholders in Nigeria’s banking sector.

So, Where Is Otedola Seeing the Money?

This is probably the question many Nigerians are asking.

While the average Nigerian is dealing with high living costs, expensive food, transportation challenges and other economic pressures, Otedola is committing billions of naira to the Nigerian stock market.

The answer, however, is not necessarily that he is “finding money” somewhere.

Rather, Otedola is a billionaire investor with substantial assets and a long history of investing in major Nigerian companies. His strategy appears to involve putting significant capital into businesses he believes have long-term value.

His continued purchases of First HoldCo shares suggest that he remains highly confident in the financial institution’s future.

That does not mean the investment is guaranteed to make money. Like every equity investment, the value of First HoldCo shares can rise or fall depending on the company’s performance, market conditions, investor sentiment and broader economic developments.

Otedola’s Investment Is Now Worth Over ₦1 Trillion

The scale of the investment becomes even clearer when his total shareholding is considered.

Reports following the latest transaction put Otedola’s First HoldCo holding at roughly 12.2 billion shares.

Based on prevailing market prices, the value of his First HoldCo investment is estimated at around ₦1.6 trillion.

That figure helps explain why his recent transactions are attracting significant attention from investors and Nigerians following the Nigerian equity market.

Why Is He Buying So Aggressively?

There could be several investment considerations behind the purchases.

1. Long-Term Confidence

Repeated purchases indicate that Otedola appears to have strong long-term confidence in First HoldCo.

Rather than making a single investment and stopping, he has continued accumulating shares through Calvados Global Services Limited.

2. Increasing Ownership

Buying more shares increases his economic exposure to the company’s future performance.

If First HoldCo performs strongly and its share price appreciates over time, the value of his investment could increase substantially.

3. Banking Sector Opportunity

Nigeria’s banking sector remains one of the most important parts of the country’s economy.

FirstBank is also one of Nigeria’s oldest and most recognizable banking brands, while First HoldCo operates as the parent financial services group.

For a major investor, increasing exposure to a large financial institution can represent a significant long-term strategic investment.

4. Influence as a Major Shareholder

A larger equity position also means greater economic interest in the company’s direction.

Otedola’s growing ownership has already made him a dominant individual shareholder in First HoldCo.

This Is Bigger Than Just ₦12.58 Billion

The headline figure of ₦12.58 billion is eye-catching, but the bigger story is the pattern.

Otedola is not simply spending ₦12.58 billion on First HoldCo shares and walking away.

He has repeatedly returned to the market to increase his position.

The July purchases alone involved hundreds of millions of shares and a transaction worth more than ₦222 billion in one acquisition.

The latest purchase therefore represents another chapter in an ongoing accumulation strategy.

What This Means for the Nigerian Stock Market

Otedola’s buying activity is also significant for the broader Nigerian equity market.

Large purchases by prominent investors can attract attention to a company’s shares and influence market sentiment. However, investors should not automatically interpret a billionaire’s purchase as a signal that a stock will definitely rise.

Every investor should conduct independent research and consider factors such as earnings, valuation, dividends, debt, capital requirements and the company’s long-term fundamentals before investing.

Final Thoughts

Femi Otedola has once again demonstrated the scale at which Nigeria’s biggest investors can operate.

On August 24, 2026, his investment vehicle, Calvados Global Services Limited, acquired 95,699,240 First HoldCo shares at ₦131.48 each, worth approximately ₦12.58 billion.

And the most interesting part?

He keeps buying.

For the average Nigerian, seeing one person move more than ₦12 billion into a single stock transaction is almost unbelievable.

As Nigerians would say:

«”Where this man dey see money?” »

But beyond the jokes, Otedola’s continued accumulation shows that the Nigerian equity market still attracts substantial long-term capital from some of the country’s wealthiest investors.

And who knows? Maybe one day, after studying the market, building businesses and investing consistently, “I will be shaking the Nigerian equity market” will no longer be just a promise.

Disclaimer: This article is for informational purposes only and should not be interpreted as investment advice. Stock prices can rise or fall, and past performance does not guarantee future returns.