Jul 22, 2026

Otedola Pumps N77bn into First HoldCo, Skyrockets Stake to N1trn Empire

By Afolabi Olaiya Idowu in business

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Lagos, Nigeria| July 22, 2026 - In a decisive show of faith in Nigeria’s financial services sector, billionaire businessman and First HoldCo Plc chairman Femi Otedola has acquired an additional 706.13 million shares in the holding company, injecting a staggering N77.58 billion and elevating his total investment to over N1 trillion.

According to a regulatory filing disclosed on the Nigerian Exchange (NGX) on Wednesday, the transaction — executed through his investment vehicle, Calvados Global Services Limited — boosts Otedola’s stake from 20.42% to 21.96%.

His shareholding now stands at approximately 9.99 billion shares, underscoring his unwavering commitment to the group that owns FirstBank, one of Nigeria’s oldest and largest commercial banks.

This latest purchase comes on the heels of Otedola’s aggressive stake-building spree.

In June, he snapped up around 680 million shares via a private placement for about N29.6–30 billion, lifting his ownership to 20.42%. Earlier in May, he acquired 549.5 million shares worth roughly N43.4 billion at N79 per share.

These moves reflect a consistent strategy to consolidate control and support the group’s capital-raising efforts.

First, HoldCo has been on a capital drive, completing tranches of a larger N350 billion private placement programme to strengthen its balance sheet and meet Central Bank of Nigeria (CBN) regulatory requirements.

The fresh capital is earmarked for injection into FirstBank, aiding its restoration and expansion plans in a challenging macroeconomic environment marked by high inflation, currency pressures, and economic reforms.

Otedola’s total exposure to First HoldCo now exceeds N1.04 trillion at current market prices, a remarkable vote of confidence from one of Africa’s most prominent investors.

The tycoon, known for his savvy bets across energy, finance, and other sectors, first emerged as a major player in the banking group around 2021 and has steadily increased his influence since assuming the chairmanship.

The announcement sent positive ripples through the market, highlighting sustained investor appetite for well-positioned financial institutions despite broader economic headwinds.

First HoldCo’s share capital has grown significantly through these placements, comfortably surpassing the CBN’s N500 billion minimum for banks with international authorization.

For Nigeria’s banking sector, Otedola’s actions signal resilience and long-term optimism.

As the country navigates post-reform adjustments under President Bola Tinubu’s administration—including efforts to attract foreign investment and stabilize the naira—administrations, including Otedola’s, are playing a pivotal role instabilize key institutions.

Otedola, a serial entrepreneur with interests ranging from Forte Oil (now Ardova) to power and beyond, has long been a proponent of Nigeria’s economic potential.

His deepening involvement in First HoldCo positions the group for stronger performance, potentially benefiting shareholders, customers, and the wider economy through enhanced lending capacity and operational stability.

As Nigeria’s financial landscape evolves, moves like this underscore the importance of visionary leadership and patient capital. Otedola’s N1trn-plus bet is more than a transaction — it’s a statement of belief in the future of homegrown banking excellence.