Lagos, Nigeria – Billionaire businessman Femi Otedola has increased his beneficial ownership of First HoldCo Plc to 25.88% of the financial services group’s issued share capital, cementing his position as a dominant force within the company.
His latest moves in late July 2026, executed through his investment vehicle Calvados Global Services Limited, signify a calculated push that has seen his stake grow by several percentage points in just weeks. The scale of this investment, valued in the hundreds of billions of naira, signals an assertive confidence in First HoldCo’s future and a profound reshaping of its ownership structure.
Femi Otedola’s strategic moves in First HoldCo
Femi Otedola’s journey to becoming the principal shareholder of First HoldCo hasn’t been a sudden sprint. It’s been a deliberate, multi-year campaign, marked by strategic entries and exits from various sectors of the Nigerian economy. His initial significant foray into First HoldCo began in October 2021 when he secured a 5.07% shareholding, instantly becoming its then-largest individual stakeholder.
Born into a prominent family, Otedola first built his formidable wealth in commodities trading, notably through Zenon Petroleum and Gas Ltd, which he founded in 2003. He later acquired a controlling stake in African Petroleum in 2007, rebranding it to Forte Oil PLC by 2010. This period established his reputation as a shrewd investor unafraid to take substantial positions.
From oil to power, now finance
The arc of Otedola’s business career reveals a pattern of identifying key sectors and consolidating power. In 2019, he divested entirely from Forte Oil to pivot towards the power sector, making Geregu Power Plc the cornerstone of his new strategy. This pivot proved highly successful, with Geregu Power becoming a significant player in Nigeria’s energy landscape.
By December 2025, Otedola had completed a full exit from Geregu Power Plc in a deal reportedly worth $750 million, selling his 77% controlling stake to MA’AM Energy Limited. This divestment freed up substantial capital, fueling speculation about his next major target.
That target, it became clear, was First HoldCo, a venerable institution whose origins trace back to 1894 with the founding of the First Bank of Nigeria Limited in Liverpool, England.
A trillion-naira bet on Nigeria’s financial future
The recent surge in Otedola’s holdings represents a staggering financial commitment. On July 30 and 31, 2026, his investment vehicle acquired an additional 1.779 billion ordinary shares. Priced at ₦124.90 per share, this single acquisition alone amounted to approximately ₦222.2 billion to ₦222.21 billion, which is roughly equivalent to $160 million at current exchange rates.
This followed another significant purchase just days earlier, on July 22, 2026, when he secured 706.13 million ordinary shares for an estimated ₦77.58 billion to ₦77.6 billion. Cumulatively, his investment in First HoldCo during July 2026 alone approaches nearly ₦300 billion.
The total estimated value of Otedola’s stake in First HoldCo now stands at about ₦1.45 trillion to ₦1.47 trillion, or roughly $1 billion to $1.07 billion.
First HoldCo’s strengthening position
These massive investments aren’t happening in a vacuum. First HoldCo itself has been on an upward trajectory, recently becoming Nigeria’s most valuable banking stock by market capitalization. The company reported robust financial performance for the first half of 2026, with profit before tax surging to ₦653.54 billion, an impressive 83.5% increase from the ₦356.15 billion recorded in the first half of 2025.
The financial group projects an even stronger full-year performance, expecting profit before tax to exceed ₦1.2 trillion for the 2026 fiscal year. This growth, coupled with the company’s ongoing recapitalization program aimed at boosting its paid-up capital to ₦1 trillion, likely makes it an attractive target for a large-scale investor like Otedola.
What a near-controlling stake means
With his stake now hovering just under 26%, Otedola is approaching a critical threshold that could trigger a mandatory tender offer.
Under Nigerian capital market regulations, if an individual or entity acquires 30% or more of a publicly traded company’s shares, they typically become obligated to make a tender offer to acquire additional shares from other shareholders. This mechanism protects minority shareholders and ensures fair value.
Such a development would fundamentally alter First HoldCo’s ownership landscape, potentially consolidating even greater control under Otedola’s purview. For many, his relentless pursuit of market dominance reflects a certain drive common among influential figures shaping various aspects of Nigerian life, from business to political engagement.
The broader implications for corporate governance
The increased concentration of ownership in First HoldCo raises questions about corporate governance and the balance of power within a major financial institution. While Otedola currently serves as Chairman, an even larger stake could grant him unparalleled influence over strategic decisions, executive appointments, and the overall direction of the company.
It’s a situation that highlights the significant impact powerful individual investors can have on the trajectory of large, publicly listed firms in Nigeria.
This dynamic isn’t unique to the financial sector. The financial sector’s dynamics, much like the changing tides in local sports management, continually draw attention and significant investment. But the sheer scale of First HoldCo, with its vast network and historical importance, makes Otedola’s deepening control particularly noteworthy.
Otedola’s strategic vision and market ripple effects
Otedola’s business philosophy seems to involve identifying undervalued or strategically important assets, accumulating significant stakes, and then driving their growth. His track record with Forte Oil and Geregu Power demonstrates a clear pattern of engagement followed by strategic divestment, often at substantial profit. His current deep dive into First HoldCo suggests he sees immense long-term value and growth potential in Nigeria’s financial services sector.
This aggressive accumulation also sends a strong signal to the broader Nigerian stock market. When an investor of Otedola’s calibre makes such a substantial and public commitment, it often draws other investors, potentially boosting share prices and overall market confidence in the targeted sector. His actions can create ripple effects that extend far beyond First HoldCo itself.
What next for First HoldCo?
The question now isn’t if Femi Otedola will continue to increase his stake, but by how much, and what his ultimate vision for First HoldCo truly entails. Will he trigger a mandatory tender offer and push for a majority stake, possibly exceeding 51%? This would give him outright control, allowing him to implement his strategic agenda with fewer constraints.
His history suggests a clear purpose behind these monumental investments. As First HoldCo navigates its recapitalization program and continues its impressive growth trajectory, all eyes will be on Otedola’s next moves. What kind of financial giant will he sculpt, and how will that reshape the legacy of Nigeria’s oldest bank? The answers will likely offer profound insights into the evolving landscape of Nigerian corporate power.
