Nigerian billionaire Femi Otedola is seeing a sharp increase in the value of his investment in First HoldCo Plc as renewed demand for the lender’s shares drives the stock to a record high on the Nigerian Exchange (NGX). The rally comes ahead of the release of the group’s half-year earnings, pushing the market value of Otedola’s stake above $700 million and reinforcing investor confidence in the parent company of FirstBank, Nigeria’s oldest lender.

According to market data tracked by Shore.Africa, Otedola recently increased his holding in First HoldCo to 9,285,739,834 shares, representing a 20.42 percent stake, after participating in the group’s N45 billion ($33.1 million) private placement. As First HoldCo shares climbed to an all-time high of N105.50 apiece and traded at full bid with 77,952,555 shares on the bid side at the time of writing, the market value of his investment rose to N979.65 billion ($710.1 million), strengthening his position as the company’s largest shareholder.

Femi Otedola anchors Nigerian market surge

The surge has once again placed Otedola at the center of activity on the Nigerian capital market. Since July 2, the value of his First HoldCo investment has climbed by $357 million, rising from about $353 million to more than $710 million. The increase has also lifted his estimated fortune above $2 billion, according to calculations reviewed by Shore.Africa, underscoring the growing value of one of his largest listed investments.

His latest gain follows First HoldCo’s recently completed N45 billion ($33.1 million) private placement, the second tranche of the group’s broader N350 billion ($257.2 million) capital-raising program. The shares were issued at N44.06 each, allowing Otedola to acquire 672.9 million additional shares for N29.6 billion ($21.8 million) and further strengthen his position as the lender’s largest shareholder. The offer price represented a discount of 38.5 percent to the closing share price of N60.50 on June 18, when the transaction was completed.

The capital raise forms part of First HoldCo’s broader plan to strengthen its balance sheet and meet higher regulatory capital requirements. The N350 billion program has received approvals from both the Central Bank of Nigeria and the Securities and Exchange Commission. Following the latest issuance, the group’s share capital increased to N525.6 billion ($390 million), comfortably above the regulatory minimum.

First HoldCo targets N1 trillion capital

The capital program is designed to strengthen the bank’s financial position, expand lending capacity, and support future growth. Shareholders approved the initiative during the company’s 13th Annual General Meeting on May 22, 2025, authorizing the broader N350 billion fundraising plan. After the latest tranche, First HoldCo still plans to raise about N221 billion ($162.4 million) as it works toward a paid-up share capital of N1 trillion ($735.25 million).

The capital strengthening effort comes as the group continues to report stronger earnings. In the first quarter of 2026, First HoldCo posted profit before tax of N321 billion ($236 million), up 72.2 percent from a year earlier. Gross earnings increased 27 percent, supported by higher interest income and stronger non-interest revenue, while customer deposits rose to N18.4 trillion ($13.5 billion), highlighting continued growth across its banking franchise.