First HoldCo Plc has confirmed that Calvados Global Services Limited, an investment vehicle linked to its major shareholder, Mr Olufemi Otedola, has acquired additional shares valued at ₦14.8 billion.

The transaction involved the purchase of 369.99 million ordinary shares at ₦40.06 per share, according to a disclosure filed with the Nigerian Exchange. The deal, executed on December 18, significantly increased market activity in the stock, pushing daily trading volume to over 385 million shares.

Following the acquisition, Otedola’s combined direct and indirect holdings in First HoldCo now stand at approximately 17.56%, further consolidating his position as one of the institution’s most influential shareholders.

Market observers note that the steady build-up of ownership has coincided with tighter financial discipline at the bank, including stronger loan recovery efforts and closer credit monitoring. The accumulation is also taking place as Nigerian banks position ahead of regulatory recapitalisation deadlines expected in early 2026.

Investor sentiment has remained positive, with First HoldCo shares gaining sharply in December amid rising insider activity and capital-raising expectations.