Nigeria, May 14 -- Femi Otedola, the chair of the financial services group First HoldCo Plc, has purchased new shares valued at N43.4 billion in the banking group, according to a regulatory filing at the Nigerian Exchange on Wednesday.

He acquired 549.5 million shares at N79 per unit on Wednesday through Calvados Global Services Limited, his special purpose acquisition, the document showed.

Mr Otedola, who is the biggest shareholder in the First HoldCo, itself the parent company of Nigeria's oldest bank (First Bank), held a combined stake of 18.1 per cent in the group as of December 2025, according to First HoldCo's latest audited earnings report.

While he held 7.3 per cent (3.3 billion shares) directly, he held 10.8 per cent (4.8 bill...