Fresh momentum is building around First Holdco Plc after its Chairman, Olufemi Otedola, acquired additional shares valued at approximately N43.41 billion, a strategic move that has reinforced investor confidence in the financial services group amid its ongoing recapitalisation and recovery drive.

The acquisition, executed on the Nigerian Exchange Limited (NGX) on May 13, 2026, through Calvados Global Services Limited, involved the purchase of 549,535,653 ordinary shares at an average price of N79 per share, according to regulatory disclosures.

The transaction came as First HoldCo’s share price continued its remarkable rally on the NGX. The stock, which traded around the N24 earlier in its recovery cycle, about a year ago, climbed strongly to close around N79 as of May 16, 2026, making it one of the best-performing banking stocks on the exchange this year.

From data at the NGX, the Financial institution’s share price has increased by 180.56 percent Year-on-Year, 44.93 percent in three months, and 19.76 percent in a month.

The latest development is also coming ahead of the group’s 14th Annual General Meeting scheduled for May 29, where shareholders will consider a proposal to raise up to N253.099 billion in fresh capital as part of efforts to strengthen the institution’s capital base toward the N1 trillion regulatory benchmark.

Capital market stakeholders said Otedola’s aggressive share acquisition sends a powerful confidence signal to the market, particularly to minority shareholders who have stayed invested through years of restructuring, legacy write-offs, and balance sheet clean-up.

The National Coordinator of the Progressive Shareholders Association of Nigeria, Boniface Okezie, described the chairman’s latest investment as a strong endorsement of the group’s recovery prospects and long-term value potential.

According to him, the decision by Otedola to increase his stake demonstrates confidence not only in the bank but in the entire holding company structure and its subsidiaries.

His acquiring more shares shows he has confidence in the bank and the entire group. The whole idea is to strengthen the subsidiaries so they can contribute positively to the group’s earnings and future dividend payments,” Okezie said.

He noted that the recapitalisation effort and ongoing recovery process would ultimately improve the institution’s profitability and capital position, creating stronger returns for shareholders in the years ahead.

“After the clean-up and write-offs, the group is stabilising and recovering. Those recoveries will eventually translate into profitability and dividend payments. Shareholders who stayed long enough will begin to reap the benefits,” he added.

Okezie also said the chairman’s investment was already encouraging retail investors to increase their positions in the stock, especially as confidence in the bank’s long-term outlook continues to strengthen.

According to him, the sharp appreciation in the company’s share price reflects growing market belief that the institution is regaining strength under the current leadership.

He argued that First HoldCo’s status as Nigeria’s oldest banking institution gives it strategic resilience and enduring market relevance.

“This is Nigeria’s premier bank. It cannot disappear. It will come back stronger because there is enormous value in the institution and the market is beginning to recognise that,” Okezie said.

Market analysts believe the proposed capital raise would significantly strengthen the group’s balance sheet, improve lending capacity, and support expansion across digital banking, corporate finance, and regional operations.

They also noted that insider acquisitions of such magnitude are typically interpreted by the market as an indication that management expects stronger future earnings and higher valuation.

For investors, analysts say the developments present both capital appreciation opportunities and expectations of stronger dividend payouts once the recovery cycle fully matures.

“People who understand the long-term play are positioning early,” Okezie added. “When dividends begin to rise and the recovery fully reflects in earnings, the stock may no longer be affordable to smaller investors.”

Despite concerns in some quarters over the absence of dividend proposals at the upcoming AGM, market sentiment around the group remains broadly positive, with many investors viewing the current phase as a strategic rebuilding period capable of delivering stronger long-term shareholder value.

With the share price maintaining strong momentum on the NGX and recapitalisation plans gathering pace, First HoldCo has increasingly emerged as one of the Nigerian banking sector’s most closely watched turnaround stories in 2026.

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