Businessman and Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his stake in the financial services group after acquiring shares worth about N43.41 billion in a fresh transaction on the Nigerian Exchange.

The acquisition, carried out on May 13, 2026, involved the purchase of 549,535,653 shares at an average price of N79 per share, underscoring renewed investor confidence in the banking group.

Following the transaction, Otedola’s total shareholding in First HoldCo Plc rose significantly from 8,055,314,486 units as recorded in the company’s FY 2025 audited accounts to 8,604,850,139 units.

Market data showed heightened trading activity in the stock during the session, with volume crossing 563 million shares by mid-trading, reflecting strong investor appetite.

Analysts noted that the increased activity helped sustain bullish sentiment around the counter, as First HoldCo’s year-to-date performance climbed above 57 percent, making it one of the standout performers on the Nigerian Exchange.

The surge in interest also highlights growing optimism in the banking sector, driven by expectations of improved earnings performance, stronger balance sheets, and sustained dividend potential.

Market watchers say the consistent accumulation by a major shareholder could further reinforce confidence in the stock, even as broader market conditions remain shaped by monetary policy adjustments and shifting investor preferences toward financial equities. The transaction adds to a series of strategic investments that have positioned First HoldCo Plc as one of the most closely watched banking stocks in the Nigerian capital market this year. (The Sun)

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