FirstHoldCo Chairman, Femi Otedola raised his equity stake in the oldest surviving banking group with N222.3 billion.
The deal saw him becoming the single largest shareholder of the company.
Regulatory filing at the Nigerian Exchange (NGX) showed that Otedola bought additional 1.779 billion ordinary shares of 50 kobo each of First HoldCo at N124.90 per share, totaling N222.3 billion.
Typically, a cross deal implies a pre-arranged transaction between a seller and a buyer brought to the market for formal transfer of the ownership.
With this, Otedola displaced RC Investment, an institutional bridge holder, which holds 10.43 billion shares or 22.94 per cent equity stake, to become the single largest shareholder of the banking group.
RC Investment had emerged as a major institutional shareholder following the negotiated divestments of 10.4 billion shares previously held by two major long-standing stakeholders of First HoldCo- Mr. Oba Otudeko and Mr. Oye Hassan-Odukale.
The latest transaction brought Otedola’s new investments in the banking group to about N343.3 billion over the past three months.
Earlier this month, Otedola acquired 706.13 million ordinary shares valued at N77.59 billion through Calvados Global Services.
He had also, through the same Calvados Global Services Limited, acquired 549.536 million ordinary shares of 50 kobo each worth N43.413 billion on May 13, 2026.
The price differential underlined Otedola’s drive for stronger control of the banking group. The transaction was crossed at N124.90 per share compared with N109.88 per share and N79 per share for the two previous transactions in July and May, 2026.
First HoldCo’s share price dropped by 3.96 per cent to close yesterday at N119.95.
The Otedola-led board of First HoldCo stated that it has approved a dividend policy that would ensure that the group distribute at least 60 per cent of its net profit as dividends to shareholders annually.
In a regulatory filing at the NGX, the board stated that the dividend policy, which was approved at the July 28 board meeting, reflected the board’s confidence in the group’s earnings capacity, strengthened capital position, improving asset quality, diversified revenue streams, and strong outlook for sustained profitability and growth.
Otedola said the board resolution demonstrated confidence in the strength of the franchise, the sustainability of its earnings, and commitment to delivering tangible value to shareholders.
He said: “Over the last two years, we have undertaken difficult but necessary actions to strengthen governance, clean up the balance sheet, restore confidence, rebuild capital, and reposition the group for long-term growth.
“We are now beginning to see the benefits of those strategic decisions. As performance continues to improve across our businesses, it is only appropriate that our shareholders participate more directly in the value being created.”
The board highlighted the group’s first half 2026 results, noting that the performance within the six-month period underscored the success of the group’s transformation agenda and the effectiveness of recent board and management initiatives.
Key extracts of the interim results for the six-month ended June 30, 2026 showed that gross earnings grew by 166.7 per cent to N1.93 trillion.
The perating income rose by 25.8 per cent to N1.38 trillion. Profit before ta x jumped by 83.5 per cent to N653.5 billion while net profit after tax rose by 81.6 per cent to N526.1 billion.
