Femi Otedola’s First HoldCo stake slips to $1 billion, shedding $328 million in 3 days

Following the release of First HoldCo Plc’s nine-month unaudited financial results, which showed a profit of N744.45 billion ($552.5 million), Nigerian billionaire Femi Otedola has seen the market value of his stake in the parent company of First Bank of Nigeria Plc decline from more than N1.88 trillion ($1.4 billion) to N1.45 trillion ($1.07 billion).

The decline represents a $328 million loss in the paper value of his shareholding in just three days, reflecting a sharp retreat in FirstHoldCo’s market valuation following the recent trading sessions.

This comes after a strong run this year. Between January 1, 2026, and September 24, 2026, the value of Femi Otedola’s holding jumped by more than 240%, rising from about $500 million to N2 trillion ($1.51 billion) as investor confidence in FirstHoldCo grew. But the recent downturn suggests some investors are cashing in on gains, while broader market uncertainty weighs on the stock.

Femi Otedola’s First HoldCo stake slips to $1.07 billion
Femi Otedola, who became the group’s chairman in January 2024, is also the largest shareholder of First HoldCo, owning a 19.56% indirect stake and a 7.15% direct stake, equivalent to 12,144,496,596 shares, or 26.71% overall. 

In just 3 days, FirstHoldCo’s stock on the Nigerian Exchange (NGX) has dropped by more than 23%, falling from N155 ($0.11) on Oct. 27 to N119.15 ($0.08). This decline has pushed the company’s market capitalization to $4.02 billion, down from $ 4.8 billion, dealing a notable blow to shareholders, including Femi Otedola.

With the dip in share price, the value of Femi Otedola’s stake has taken a significant hit, losing N435.38 billion ($328.11 million) in just 3 days. His holdings, valued at N1.88 trillion ($1.4 billion) on Oct. 27, have now fallen to N1.45 trillion ($1.07 billion) as of this report.

This decline of N435.38 billion ($328.11 million) follows the rally that started in July 2026, following Femi Otedola’s participation in the group’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, aimed at advancing plans to build a N1 trillion ($730 million) capital base in its long-term growth strategy.

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. Following this exercise, Otedola has also engaged in continued accumulation of shares in First HoldCo as he seeks to raise his ownership to 51%.

At the same time, Otedola strengthened his position in First HoldCo on August 24, 2026, acquiring additional shares worth N12.58 billion ($9.34 million) through Calvados Global Services Limited, one of his investment vehicles. Following that purchase, Nigerian billionaire Femi Otedola has seen the market value of his stake in the parent company of First Bank of Nigeria Plc increase to N1.75 trillion ($1.3 billion), strengthening his position as its largest shareholder.

As the billionaire now holds a nearly 27% stake in First HoldCo, the parent company of Nigeria’s oldest commercial bank, First Bank of Nigeria Limited, in the financial services group, he looks to play a larger role in its operations and future direction.

First HoldCo’s performance in 9M 2026

First HoldCo Plc, the Lagos-based financial services group and parent company of FirstBank, ranking as Nigeria’s most capitalized lender, currently with N6.55 trillion ($4.86 billion) market capitalization, recently delivered a strong headline performance in 9M 2026, as profit after tax climbed 65% to 744.45 billion naira ($552.5 million).

Total assets climbed 18% to N32.2 trillion ($24.2 billion), while retained earnings climbed to N1.14 trillion ($842.9 million) during the nine-month period of 2026, alongside Shareholders’ equity, which climbed 17% to N3.86 trillion ($2.87 billion).