Nigerian billionaire Femi Otedola boosts stake in FirstHoldCo with shares worth $15 million

Nigerian billionaire Femi Otedola has strengthened his position in First HoldCo, acquiring additional shares worth over $15 million through Calvados Global Services Limited, one of his investment vehicles.

Following the recent purchase of an additional 138,041,465 ordinary shares in First HoldCo Plc for N18.11 billion, Nigerian billionaire Femi Otedola has seen the market value of his stake in the parent company of First Bank of Nigeria Plc increase to about N1.7 trillion ($1.3 billion), strengthening his position as its largest shareholder. 

According to a recently released disclosure, Otedola purchased 147,737,699 shares at N140 each through Calvados Global Services Limited in a transaction executed on the Nigerian Exchange (NGX) on Aug. 17, 2026. The purchase increased his holding from 11.9 billion shares to over 12 billion, giving him over 26% of First HoldCo’s outstanding shares.

Otedola builds $1.3 billion First HoldCo stake 

The latest purchase is part of Otedola’s continued accumulation of shares in First HoldCo as he seeks to raise his ownership to 51% after his claims that he has invested over N600 billion ($440 million) of his personal wealth in the lender.

Otedola, the former chairman of the leading power generation company Geregu Power Plc, sold a 77% controlling stake in Geregu for $750 million to MA’AM Energy Ltd. and has continued his ambitions to become the majority shareholder of the financial services group. As the billionaire with a Forbes-estimated wealth of $1.8 billion now holds more than a 26% stake in First HoldCo, the parent company of Nigeria’s oldest commercial bank, First Bank of Nigeria Limited, he looks to play a larger role in its operations and future direction.

First HoldCo’s trading and  investment income drive performance in H1 2026

First HoldCo Plc, the Lagos-based financial services group and parent company of FirstBank, ranking as Nigeria’s most capitalized lender currently with N6.37 trillion ($4.71 billion) market capitalization recently delivered a strong headline performance in H1 2026, benefiting from a sharp reduction in credit losses and a surge in non-interest income.

Non-interest income emerged as the primary support for earnings during the period. Net fee and commission income rose to N178.51 billion ($131 million), indicating stronger transaction volumes and continued growth in digital banking activities.

Also, a significant portion of the group’s resilience stemmed from a sharp decline in impairment charges, which fell to N116.14 billion ($85 million) from N185.40 billion ($136 million) a year earlier. This reduction lifted net interest income after impairment to N762.99 billion ($558 million), helping offset the weakness in pre-impairment income. However, the improvement also introduces a degree of uncertainty, as lower provisioning may not be sustained if credit conditions tighten

Otedola leads Nigeria’s oldest lender with reform
First Bank, Nigeria’s oldest financial institution, which operates as the flagship banking subsidiary of First HoldCo, has played a central role in the country’s economy for more than a century. But a string of management lapses and risky lending practices in past years eroded investor confidence. 

In January 2024, Otedola was named chairman of First HoldCo (then FBN Holding). He made several changes to cut costs and improve governance. One of his first directives was to end the use of private jets for executive travel at the bank’s expense, a move that drew attention across the financial sector for its message of fiscal prudence. He also tightened oversight, set clearer accountability measures, and prioritized efficiency across the group.

First HoldCo reports growth in assets, equity
Total assets currently stand at N30.65 trillion ($22.42 billion), while retained earnings climbed by 37% to N921,72 billion ($674.15 million) during the half-year of 2026. While improved asset quality and rising fee income provide some structural support, a significant share of performance was driven by trading gains, lower impairment charges, and a surge in other operating income.

Recently, at its 14th annual general meeting (AGM) on May 29, 2026, it secured shareholder approval that authorised the board to undertake a multi-tranche capital raising program of up to N253.1 billion ($184.7 million), aimed at advancing plans to build a N1 trillion ($730 million) capital base, marking a significant step in the group’s long-term growth strategy.