By David Akinmola
Billionaire investor, Mr Femi Otedola, has deepened his influence in First HoldCo Plc after increasing his equity stake to 18.12 per cent, following the acquisition of an additional 3.82 billion ordinary shares in the financial holding company in 2025.
Regulatory filings and market disclosures indicate that the latest purchases further consolidate Otedola’s position as the single largest shareholder in First HoldCo, the parent company of First Bank of Nigeria Limited, Nigeria’s oldest financial institution.
The incremental acquisition, executed through entities linked to the businessman, reflects sustained investor confidence in the group’s long-term fundamentals amid ongoing governance reforms, balance sheet clean-up and renewed focus on profitability within the banking subsidiary.
Market analysts note that the steady build-up of Otedola’s stake since 2021 has coincided with significant changes in First HoldCo’s board composition, risk management framework and capital adequacy strategy, helping to stabilise the group after years of asset quality challenges.
An equity analyst at a Lagos-based investment firm said the additional 3.82 billion units acquired in 2025 signal a long-term commitment rather than speculative positioning. “This level of exposure suggests confidence in the execution of the group’s turnaround strategy and its ability to unlock shareholder value over time,” the analyst said.
First HoldCo has, in recent quarters, posted improved earnings performance, driven by stronger interest income, tighter cost controls and reduced impairment charges, even as the banking sector contends with macroeconomic pressures, currency volatility and regulatory tightening.
Otedola’s increased holding comes at a time when Nigeria’s financial services sector is attracting renewed interest from strategic and institutional investors, particularly ahead of banking sector recapitalisation plans expected to reshape ownership structures and competitive dynamics.
While First HoldCo has not issued a formal statement on the latest share purchases, market watchers say the growing stake reinforces shareholder stability and could support further capital raising or strategic initiatives as the group positions itself for the next phase of growth.
With the stake now at 18.12 per cent, Otedola remains well below the regulatory threshold that would trigger a mandatory takeover, but his expanding footprint continues to shape investor sentiment around the group’s governance direction and long-term prospects.
