Billionaire Femi Otedola has significantly increased his ownership in First HoldCo Plc, acquiring an additional 1.77 billion shares through his investment vehicle, Capital Connection.
The transaction, valued at approximately N222.2 billion, brings Otedola's total stake in the Nigerian financial services conglomerate to 25.87%.
The market responded positively to the news, with First HoldCo shares surging in Lagos trading on Tuesday.
The rally pushed the company's market capitalization past the N5 trillion threshold, a valuation milestone that underscores investor confidence in the group's strategic direction and Otedola's continued backing.
This latest move extends the momentum of Otedola's accumulation strategy, reinforcing his position as the dominant shareholder.
The purchase reflects a bet on the financial sector's resilience amid broader economic headwinds in Nigeria, with First HoldCo's diversified portfolio across banking, insurance, and asset management serving as a key growth engine.
Traders will now focus on whether this increased institutional backing translates into sustained price momentum or if the stock faces profit-taking after the sharp rally.
The next key catalyst will be the company's upcoming quarterly results, which will provide further insight into the operational impact of recent strategic initiatives.