First Holdco Teleports as Directors’ Dealings Fuel 43% Gain

First Holdco Teleports as Directors’ Dealings Fuel 43% Gain

First Holdco Plc’s market value teleported to about N1.9 trillion in a week-long fresh re-rating stirred by a significant increase in the stock trading activities in the local bourse.

Data from the Nigerian Exchange (NGX) showed that the share price of the non-operating holding company of First Bank Limited surged by 42.92% to close at N44.95 on Friday from the opening price of N35 last week.

In the midst of a steep bargain hunting, First Holdco briefly touched N46.90 in an all week rally, its highest value in the last 52 weeks in the equity market.

The Ticker: FirstHoldco had faced long term resistance breaking behind N35 in the stock market following an unimpressive earnings performance stoked by forbearance withdrawal.

A significant trading volume of 52.151 million units of First Holdco valued at N2.363 trillion lifted the financial services company’s market value to N1.882 trillion.

Anil Du, Non-Executive Director, First Bank of Nigeria Limited purchased 6,703,900 shares at N45.82 per share on Friday, according to a disclosure, helping the group to halt volatility that has persisted in the year.

Bowarol Investment Limited, a company related to the Group Managing Director – Mr. Adebowale Oyedeji was in the market where it acquired 1,000,000 units at N33.96 per share.  Ini Ebong, Deputy Managing Director, First Bank of Nigeria Limited also purchase 11,783,333 units at N31.14 per share

First Holdco broke multiple resistances as its chairman ramped up shares worth N14.8 billion across deals in an efforts to boost shareholding.  At 18% shareholding, Femi Otedola, Chairman of First Holdco Plc, has consolidated interest in the oldest banking names in Nigeria.

First Holdco chair has gotten the first position among the top single largest shareholders in the banking sector, which has triggered a key man risk alert across Broadstreet.  

Otedola deepened his investment in the financial services group with the acquisition of additional shares valued at about N14.8 billion, lifting his ownership to more than 18 per cent.

The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) and signed by the group company secretary, Abiola Baruwa.

The shares purchase triggered a market value adjustment in the local bourse, pushing the shares to a new high.  Details of the filing show that Otedola purchased 369,986,122 ordinary shares of First HoldCo at N40.06 per share on December 18, bringing the value of the deal to approximately N14.82 billion.

Additional shares totalling 9.779,610 priced at N36 was acquired by his company, Calvados Global Services Limited. The latest purchase further consolidates his position as the single largest shareholder in the holding company.

The acquisition follows a series of stake-building moves by Otedola over the past year. On September 25, 2025, he increased his interest in First HoldCo with the purchase of 64.87 million shares valued at N2.01 billion.

Of this amount, 39.3 million shares were acquired directly on September 23 for about N1.2 billion, while an additional 25.6 million shares worth N793.6 million were bought indirectly through Calvados Global Services Limited on the same day.

Those earlier transactions raised his shareholding to 16.1 per cent, from the 13.15 per cent stake recorded in September 2024.

With the latest purchase, Otedola has pushed his ownership beyond the 18 per cent threshold, reinforcing his long-term commitment to the banking and financial services group amid ongoing reforms and consolidation in Nigeria’s financial sector. Lafarge Africa Delivers 90% Return, Recommends for Dec. Upside