Nigerian billionaire Femi Otedola’s First HoldCo stake rises to $1.27 billion after latest share purchase

Following the purchase of an additional 138.04 million 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 to about N1.73 trillion ($1.27 billion), strengthening his position as its largest shareholder.

Otedola bought 138,041,465 shares at N131.20 each through Calvados Global Services Limited in a transaction executed on the Nigerian Exchange (NGX) on Aug. 6, 2026. The purchase increased his holding from 11.76 billion shares to about 11.90 billion, giving him an estimated 26.1 percent of First HoldCo’s outstanding shares.

Otedola builds $1.27 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 percent. The billionaire has said he wants majority control of the financial services group, which owns Nigeria’s oldest bank, as he looks to play a larger role in its operations and future direction.

The new shares take the market value of Otedola’s First HoldCo holding to about N1.73 trillion, or $1.27 billion. The investment represents a substantial part of his wealth. Forbes puts Otedola’s fortune below $2 billion, although people familiar with the businessman’s finances have estimated his wealth at more than $3 billion.

Otedola’s investment in First HoldCo comes as he increases his exposure to some of Nigeria’s largest companies. He is also preparing to invest part of the $750 million he generated from the sale of his majority stake in Geregu Power Plc in the planned public listing of Dangote Petroleum Refinery & Petrochemicals.

Otedola targets majority control at First HoldCo

Otedola has been clear about his intention to take his First HoldCo stake to 51 percent, which would give him majority control of the banking group. In an exclusive interview, he said that level of ownership would give him the authority needed to make changes he believes are necessary to strengthen the company and create value for shareholders.

He said his investment approach has generally involved taking controlling stakes and then working with management to make operational and strategic changes. He cited the changes at Forte Oil Plc and Geregu Power Plc as examples of the strategy. 

“Firm shareholder control with due regard for minority interest is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders,” Otedola said. He also said he has invested over N600 billion ($440 million) of his own money in First HoldCo, describing the investment as a long-term commitment rather than a short-term bet on the company’s shares.

“To date, I have invested over N600 billion ($440 million) of my personal wealth in First HoldCo Plc, a figure that speaks not to speculation, but to unflinching confidence in the institution’s future, fundamentals and an unwavering personal commitment to its success,” he said.