First HoldCo Plc has revealed that its Group Chairman, Mr Olufemi Otedola, a significant shareholder, has increased his stake in the company with the purchase of 369,986,122 units valued at N14.82 billion.

The transaction was executed yesterday, according to filings with the Nigerian Exchange (NGX).

The share price was N40.06 per share under the identification code NGFBNH000009, using Calvados Global Services Limited, a company related to Mr. Otedola.

According to the NGX corporate filings, there were three insider dealings associated with the First HoldCo yesterday, the parent company of FirstBank.

While Otedola is consolidating his firm position in the FBN holding company, the company’s Group Managing Director, Mr. Adebowale Oyedeji also carried out a share purchase through Bowarol Investment Limited, a company related to him.

According to the notice, Oyedeji acquired 1 million ordinary shares of First HoldCo Plc at an average price of N33.96 per share.

As Otedola and Oyedeji were increasing their stake in the Holding Company, another senior executive was reducing his share.

In a separate insider share dealing, Mr. Ini Ebong, Deputy Managing Director of First Bank of Nigeria Limited, sold 11,783,333 ordinary shares of the company.

The sale took place on December 12, 2025, at an average price of N31.14 per share, also on the Nigerian Exchange.

Tightening grip

The move by Otedola was part of the strategic steps to tighten his grip of the holding company as the majority shareholder.

It would be recalled that in September, Otedola purchased 39,313,379 units valued at N1.21 billion with the transaction executed in Lagos on September 23, 2025, at a share price of N31 per unit, under the identification code NGFBNH000009.

On the same day, Calvados Global Services Limited, a company related to Mr Otedola, also acquired 25,565,289 ordinary shares worth N792.5 million at the same price and with the same transaction code.

Otedola has continued to consolidate his position in the company since he took over as the Chairman in January 2024.

With the latest acquisition, Otedola becomes the clear majority shareholder, giving him significant influence over board decisions and the company’s future directions.

According to the company’s second-quarter financials released on July 30, 2025, Otedola previously held a direct stake of 3,212,032,866 units (7.67%) and an indirect stake of 3,465,560,297 units (8.28%).

As at September, his direct shareholding has risen to 3,251,346,245 units (7.77%), while his indirect holdings stand at 3,491,125,586 units (8.34%) with the latest acquisition boosting his stake in the holding company.

Investors gain N331.65bn as NGX rallies

The Nigerian Exchange sustained its upward trend on Thursday, with the All-Share Index (ASI) advancing 0.35% to 150,363.05 points, as market capitalization grew by N331.65 billion to N95.86 trillion.

Market breadth was positive at 1.25x, with 35 gainers surpassing 26 losers. NESTLE, GUINNESS, ALEX, DAARCOMM, and MECURE led the advancers, while STANBIC, LASACO, AFRIPRUD, AUSTINLAZ, and STERLINGNG suffered the steepest declines.

Sectoral performance was mixed: Consumer Goods topped gains with a 1.23% rally, followed by Banking climbing 0.56% and Oil & Gas rising 0.05%.

The Insurance sector fell 0.23%, while Industrial and Commodity sectors remained unchanged.

Trading activity weakened across the board as share volume tumbled 85.83% to 839.77 million units, transaction value dropped sharply by 84.83% to ₦32.81 billion, and deal count declined 7.91% to 23,211 transactions.

Similarly, the naira weakened across both exchange channels on Thursday, depreciating 0.16% to N1,457.84/$ at the official NAFEM window and declining 0.20% to ₦1,474/$ in the parallel market.

Analysts at Cowry Assets say this reflects intensified currency pressures across both the regulated official segment and the informal foreign exchange market.