The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), was executed on May 13 at an average share price of N79.

Following the acquisition, Otedola's total holdings in FirstHoldCo increased from 8.06 billion shares to 8.60 billion shares, raising his ownership to 19.36%.

The purchase marks Otedola's largest single share acquisition since he became chairman of the financial institution in January 2024, strengthening his position as one of the company's largest shareholders

The latest move follows a series of earlier acquisitions that steadily expanded his stake in the group. In September 2025, Otedola acquired an additional 64.87 million shares, valued at about N2.01 billion, or approximately $1.48 million at current exchange rates. Those transactions included both direct purchases and shares acquired indirectly through Calvados Global Services Limited.

The September purchases increased his stake to 16.1% from 13.15% recorded a year earlier.

The fresh acquisition further underscores Otedola's growing investment exposure to Nigeria's banking sector, as investors closely watch capital-strengthening efforts and broader reforms across the country's financial sector.