The Digest:
Femi Otedola, Chairman of First HoldCo Plc, has acquired additional shares valued at approximately N43.41 billion, increasing his stake in the company to 19.36 percent. The acquisition, executed on the Nigerian Exchange on May 13, 2026, involved the purchase of 549,535,653 shares at an average price of N79 per share. This is Otedola's biggest single purchase since becoming chairman in January 2024. The acquisition comes the same week FirstHoldCo reported a 72 percent jump in profit before tax for Q1 2026.
Key Points:
- Otedola's increased stake tightens his control over one of Nigeria's tier-one banking groups.
- The N43bn purchase signals strong insider confidence in FirstHoldCo's future performance.
- FirstHoldCo's 72 percent profit surge validates the N830 billion impairment strategy executed in 2025.
- The stock has gained more than 57 percent year to date, rewarding patient shareholders.
- Other insider deals at Access Holdings and UBA suggest broader banking sector confidence.
Sources: Daily Trust
