Nigerian billionaire Femi Otedola adds $9.3 million in First HoldCo shares, targets 51%

Nigerian billionaire businessman Femi Otedola has bought another 95.7 million shares in First HoldCo Plc, the parent company of First Bank of Nigeria, as he continues to build his stake in the banking group toward a targeted 51 percent ownership.

Otedola acquired the shares through his investment vehicle, Calvados Global Services Ltd., according to a filing. He bought 95,699,240 First HoldCo shares at N131.48 each on the Nigerian Exchange on Monday, Aug. 24, for N12.58 billion ($9.33 million). The purchase takes Otedola’s holding in First HoldCo to 12.15 billion shares from 12.05 billion, raising his ownership of the group to 26.6 percent. He remains the company’s largest shareholder.

Otedola’s First HoldCo stake tops $1 billion

The latest purchase is part of Otedola’s effort to raise his stake to 51 percent, which would give him majority control of First HoldCo and its banking operations. Otedola has said he wants a bigger role in the group and believes greater control would allow him to make changes that improve the business and deliver more value to shareholders.

At the current share price, Otedola’s stake in First HoldCo is worth about N1.55 trillion ($1.15 billion), even after the lender’s shares fell 12.1 percent recently on the NGX. The holding now accounts for a significant portion of his estimated wealth. Forbes puts Otedola’s fortune at less than $2 billion, while people familiar with his finances have estimated it at more than $3 billion.

Otedola’s growing investment in First HoldCo comes as he puts more money into some of Nigeria’s biggest companies. He is also expected to invest part of the $750 million he received from the sale of his majority stake in Geregu Power Plc in the planned listing of Dangote Petroleum Refinery & Petrochemicals.

Otedola builds stake as First HoldCo’s half-year profit surges

The timing of his latest purchase also comes after First HoldCo reported a sharp increase in profit for the first half of 2026. The group’s pretax profit rose to N653.54 billion ($473.8 million) in the six months through June, from N356.15 billion ($258.2 million) a year earlier.

The stronger result came even as net interest income fell to N879.13 billion ($637.3 million) from N904.83 billion ($655.9 million). Higher non-interest income and a sharp reduction in credit-loss provisions helped offset the decline in income from lending.

First HoldCo also expanded its balance sheet during the period. Total assets rose to N30.65 trillion ($22.22 billion) at June 30, from N27.25 trillion ($19.76 billion) at the end of December 2025. Shareholders’ equity increased to N3.63 trillion ($2.63 billion) from N3.30 trillion ($2.39 billion), while retained earnings rose to N921.72 billion ($668.2 million).

For Otedola, the stronger results add another reason to keep increasing his exposure to First HoldCo as he works toward his 51 percent target. The latest purchase puts him more than halfway to that goal, leaving the billionaire with a substantial stake to acquire before he can secure majority ownership of the group.