After taking part in a private placement that lifted his stake in First HoldCo Plc, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Plc, above the 20 percent threshold, Nigerian billionaire Femi Otedola has strengthened his position with another $57 million purchase in the banking giant. The latest purchase further increases his holding in the lender, extending his lead as its largest shareholder as the bank continues to execute its growth plans.

A recent insider share dealing notification reviewed by Shore.Africa shows that Otedola, whose fortune exceeds $2 billion according to data tracked by Shore.Africa, acquired an additional 706,131,179 shares of First HoldCo on the Nigerian Exchange (NGX). The shares were purchased at N109.88 each, bringing the total transaction value to N77.6 billion ($57 million).

Otedola stake reaches 21.95 percent

The July 22 acquisition was carried out through his investment vehicle, Calvados Global Services Limited. Following the purchase, Otedola’s holding increased from 9,277,792,037 shares, representing about 20.4 percent as of June 30, 2026, to 9,991,871,013 shares, giving him a 21.95 percent stake at the time this report was prepared.

The latest purchase follows closely on the heels of Otedola’s participation in First HoldCo’s N45 billion ($33.1 million) private placement, the second tranche of the group’s wider N350 billion ($257.2 million) capital-raising program. Through that exercise, conducted at N44.06 per share, he acquired an additional 672.9 million shares, lifting his ownership above the 20 percent mark before returning to the market for this latest acquisition.

With his holding now standing at 9,991,871,013 shares, or 21.95 percent stake, the market value of Otedola’s investment has climbed to N1.2 trillion ($874 million). The stake represents one of the largest assets in his more than $2 billion fortune, alongside the estimated $750 million he realized following the sale of his majority interest in Geregu Power through MA’AM Energy’s acquisition of a 95 percent equity interest in Amperion Power Distribution Company Limited, the investment vehicle that previously held most of his Geregu Power shares.

First HoldCo delivers strong H1 growth

Otedola’s increased investment comes as First HoldCo reported stronger earnings for the first half of 2026, supported by higher operating income and lower credit-loss provisions. For the six months ended June 30, 2026, the group posted a pre-tax profit of N653.54 billion ($473.8 million), up from N356.15 billion ($258.2 million) in the corresponding period of 2025, reflecting broad-based growth across its businesses.

The results also point to a business generating more income beyond traditional lending. While net interest income edged down to N879.13 billion ($637.3 million), the decline was offset by stronger non-interest revenue. Fee and commission income rose to N214.66 billion ($155.6 million) from N168.57 billion ($122.2 million), helped by higher transaction volumes and continued customer activity across the group’s banking operations.

The earnings were further supported by a sharp improvement in trading income. First HoldCo reported net gains of N65.79 billion ($47.7 million) from financial instruments measured at fair value through profit or loss, compared with a loss of N53.67 billion ($38.9 million) in the same period last year. The stronger earnings also translated into a larger balance sheet.

Total assets increased to N30.65 trillion ($22.22 billion) as of June 30, 2026, from N27.25 trillion ($19.76 billion) at the end of December 2025, while shareholders’ equity rose to N3.63 trillion ($2.63 billion) from N3.30 trillion ($2.39 billion). Retained earnings more than doubled to N921.72 billion ($668.2 million) from N401.80 billion ($291.3 million), leaving the group with a stronger capital position to support future growth.