Who gains? Femi Otedola’s disclosed and implied holding in First HoldCo rose to approximately ₦1.82 trillion after an Otedola-related vehicle completed aggressive purchases in late July and August.
Calvados Global Services Limited acquired 2.867 billion First HoldCo shares in five transactions between July 22 and August 24, deploying approximately ₦351.17 billion. Insider notifications filed with the Nigerian Exchange show the largest single trade occurred on July 30, when Calvados bought 1.779 billion shares at ₦124.90 each, equal to roughly 3.91% of First HoldCo’s issued share capital in one day.
The new purchases, combined with previously disclosed direct and indirect holdings of 9.278 billion shares as of June 30, 2026, bring Otedola’s associated position to about 12.145 billion shares. That represents roughly 26.71% of First HoldCo’s 45.475 billion issued shares. The combined stake, valued at the September 2, 2026 closing price of ₦149.90 per share, is approximately ₦1.821 trillion. The article treats that number as market value, not acquisition cost.
First HoldCo’s share price has climbed sharply since the H1 reporting date, moving from ₦56.05 at the half-year end to ₦149.90. Calvados bought across a rising price trajectory, paying between ₦109.88 and ₦140.00 per share, and the combined holding now reflects a market-value appreciation of approximately ₦1.301 trillion compared with the H1 reporting date.
The transactions keep First HoldCo within the NGX Premium Board free-float rules, while concentrating ownership around major shareholders. Otedola has previously said his investment threshold is generally above 51%, citing his approaches at Forte Oil and Geregu Power, a stance that frames the current accumulation but does not change the legal classifications disclosed in filings.
The immediate consequence is a materially larger block of associated ownership valued at more than ₦1.8 trillion at current market prices. The company filings and insider-dealing notifications record the moves and the prices paid; the valuation reflects market reaction rather than historical cost.
