Otedola, Calvados Acquire 64.8m First HoldCo Shares Worth ₦2bn

Nigerian billionaire investor, Femi Otedola, alongside his investment vehicle Calvados Global Services Limited, has expanded his stake in FBN Holdings Plc with the acquisition of 64.8 million units of the company’s shares valued at about ₦2 billion. The fresh purchase reinforces Otedola’s position as one of the largest individual shareholders in the parent company of First Bank of Nigeria, a strategic move that continues to shape the ownership structure of one of the country’s oldest and most influential financial institutions.

Market disclosures confirmed that the transaction was carried out on the floor of the Nigerian Exchange, further strengthening Otedola’s long-term play in the financial services sector. The acquisition aligns with his recent pattern of incremental stake-building, reflecting confidence in the future growth trajectory of FBN Holdings and its subsidiaries. With this development, Otedola consolidates his influence within the bank, a move that has continued to generate significant attention in the capital market and banking industry.

FBN Holdings, which oversees First Bank of Nigeria, FBNQuest, and other subsidiaries, has in recent years been at the center of competitive shareholder positioning. Otedola’s acquisition strategy has been consistent since he first emerged as a substantial investor in the institution, displacing other contenders and signaling his intention to play a decisive role in shaping the group’s future direction. The new purchase worth ₦2 billion underscores his commitment to deepening his stake, even as the group continues to navigate reforms in Nigeria’s financial services space.

Investors and analysts tracking the development point to Otedola’s sustained interest as a vote of confidence in FBN Holdings’ fundamentals and resilience. The group has weathered various operational and regulatory challenges in recent years, yet its ability to maintain relevance as a top-tier player in the banking sector has continued to attract strong investor appetite. The billionaire’s investments suggest an outlook of optimism regarding the company’s capacity to deliver long-term value to shareholders.

The acquisition also comes at a time when Nigeria’s banking sector is undergoing significant changes driven by regulatory reforms, digitization, and monetary policy adjustments. The Central Bank of Nigeria’s insistence on stronger governance, improved capital adequacy, and expanded financial inclusion has raised the bar for banks, and Otedola’s strategic positioning through FBN Holdings indicates his readiness to remain at the forefront of these shifts.

Beyond regulatory factors, macroeconomic conditions are also shaping investor interest in banks. With inflation trending lower and foreign exchange liquidity gradually improving, banks are expected to deliver stronger earnings, particularly in interest income. This outlook has driven renewed demand for banking stocks, making Otedola’s move timely from both a valuation and growth perspective. His consistent purchases are therefore viewed not only as strategic consolidation but also as recognition of favorable sectoral dynamics.

The transaction highlights the ongoing battle for influence among institutional and individual shareholders of FBN Holdings. Over the past three years, the company has seen shifts in ownership stakes, with different blocs attempting to consolidate their interests. Otedola’s moves have been the most pronounced, with the billionaire steadily strengthening his grip and emerging as one of the most powerful figures in the company’s governance landscape.

Observers note that Otedola’s play is not just about shareholding, but also about securing long-term influence over strategic decisions in FBN Holdings. The bank remains a critical pillar in Nigeria’s financial architecture, with its vast branch network, historical relevance, and diverse clientele base. Having a significant say in its operations positions him to contribute to shaping the direction of the institution at a time of rapid change in the financial industry.

The market has responded positively to news of the acquisition, with expectations that it could inspire renewed confidence in FBN Holdings’ stock. Historically, large-volume purchases by high-profile investors tend to boost investor sentiment, as they are often interpreted as endorsements of a company’s future prospects. The ₦2 billion injection through the acquisition may therefore trigger further trading activity, especially from retail investors seeking to ride on the momentum.

For FBN Holdings, the development comes amid ongoing efforts to strengthen its capital base, deepen digital banking services, and expand its footprint across Nigeria and beyond. The bank has been repositioning itself to compete more effectively with rivals in terms of innovation, customer service, and profitability. With the backing of committed investors like Otedola, the group is better placed to implement its medium- to long-term growth agenda.

As the financial services industry becomes more competitive, the role of strategic shareholders in ensuring stability and sustainability cannot be overstated. Otedola’s continued acquisitions reflect both personal investment strategy and a broader recognition of the bank’s centrality in Nigeria’s economic development. His presence among the top investors is also expected to enhance the company’s visibility and strengthen its market profile.

The acquisition of 64.8 million shares worth ₦2 billion marks another significant step in Otedola’s expanding influence in the banking sector, reinforcing his reputation as one of Nigeria’s most astute investors. It demonstrates not only a calculated bet on the resilience of FBN Holdings but also a deeper interest in shaping the future of a key player in the country’s economy.

In the coming months, market analysts will continue to monitor Otedola’s moves closely, as his investment strategy could influence both the performance of FBN Holdings’ stock and the broader dynamics of shareholder alignment within the institution. For now, the billionaire’s actions send a clear message of confidence, underlining his commitment to Nigeria’s financial sector and his determination to remain a central player in its ongoing transformation.