Femi Otedola’s $300 Million First HoldCo Bet Raises 51%

Nigerian billionaire Femi Otedola has invested roughly $300 million in First HoldCo this year, pushing his stake in the parent company of FirstBank above 26% and intensifying speculation that he could ultimately seek majority control.

Otedola now controls nearly 12 billion shares in First HoldCo, equivalent to about 26.1% of the company. His latest disclosed acquisition added 138.04 million shares for ₦18.11 billion, or approximately $14 million.

The latest transaction is part of an aggressive accumulation campaign that has dramatically expanded Otedola’s position since he became chairman.

The billionaire has invested more than ₦600 billion, or about $460 million, of his personal wealth in First HoldCo overall. He has indicated that his strategy follows a familiar pattern from previous investments in which he gradually increased his ownership before securing control.

That history is now putting a potential 51% ownership target firmly in focus.

From chairman to dominant shareholder

Otedola joined First HoldCo’s board as a non executive director on August 15, 2023. At the end of that year, he held approximately 2.03 billion shares directly and through his investment vehicle, Calvados Global Services.

That represented about 5.65% of First HoldCo.

By the end of 2024, his holdings had more than doubled to approximately 4.23 billion shares, giving him an 11.8% stake.

The pace accelerated again in 2025. Otedola ended the year with approximately 8.06 billion shares, representing 18.12% of First HoldCo’s enlarged share capital.

His accumulation has become even more aggressive in 2026.

In May, Otedola acquired 549.54 million shares for ₦43.41 billion. He subsequently acquired hundreds of millions of additional shares through First HoldCo’s capital raising exercise before spending another ₦77.58 billion on 706.13 million shares in July.

Days later, he completed his largest disclosed purchase of the year, acquiring approximately 1.78 billion shares for ₦222.21 billion.

Friday’s ₦18.11 billion transaction took his holdings to almost 12 billion shares and approximately 26.1%.

Compared with the position he held before becoming chairman, Otedola’s First HoldCo shareholding has increased almost sixfold.

Why First HoldCo matters

Otedola is not simply building a large position in a Nigerian bank.

First HoldCo sits above FirstBank, one of Africa’s oldest banking institutions. Founded in 1894, FirstBank has developed a significant footprint beyond Nigeria, with operations and subsidiaries spanning Ghana, Guinea, Sierra Leone, Senegal, The Gambia, the Democratic Republic of Congo and the United Kingdom.

That regional footprint gives Otedola’s growing stake significance beyond the Nigerian stock market.

A controlling position would give him influence over a financial group with an established presence across several African markets at a time when the continent’s banking sector is undergoing major structural changes.

African banks are facing rising capital requirements, increased competition and growing demand for financial institutions capable of supporting businesses across borders.

Nigeria is also undergoing a major banking recapitalisation exercise following the Central Bank of Nigeria’s decision to increase minimum capital requirements for commercial banks.

First HoldCo is participating in that process. Shareholders have approved plans to raise as much as ₦253.1 billion to strengthen FirstBank’s capital base, with Otedola emerging as one of the largest sources of fresh capital.

Otedola signals a possible 51% target

The strongest indication that Otedola’s accumulation may go beyond 26% came from the billionaire himself.

In an interview this week, he compared his First HoldCo strategy with previous investments where he progressively increased his ownership until he gained control.

At African Petroleum, which later became Forte Oil, Otedola said his ownership increased from 28% to 75%.

At Geregu Power, he moved from a 51% controlling position to as much as 95% before reducing his stake following the company’s listing.

“I am on the same trajectory with First HoldCo Plc,” Otedola said.

The comment provides a new lens through which to view his recent acquisitions.

If Otedola eventually crosses 51%, he would move from being First HoldCo’s largest shareholder to its outright majority owner.

That would represent a significant shift in the ownership structure of one of Nigeria’s most prominent financial institutions.

The cost of reaching majority control

Moving from 26.1% to 51% would not necessarily be straightforward or inexpensive.

First HoldCo’s share price has climbed significantly as Otedola has accumulated shares and investor sentiment around the group has improved.

The stock closed 2025 at ₦47.90. Otedola paid ₦131.20 per share in his latest disclosed transaction.

At that transaction price, his nearly 12 billion shares would carry an indicative value of approximately ₦1.57 trillion, or about $1.2 billion.

That figure represents the theoretical market value of his holding. It does not necessarily mean Otedola could sell the entire position at that price without affecting the market.

The cost of acquiring another quarter of the company could also be considerably higher than simply multiplying the number of shares required by the latest transaction price.

First HoldCo is raising additional capital, which can increase the company’s total share count. Large purchases in the market could also push the share price higher.

Regulatory requirements would become increasingly important as ownership approaches key thresholds under Nigeria’s takeover framework.

The path to 51% could therefore require substantially more capital than Otedola has deployed to date.

A generational bet on African banking

The scale of Otedola’s commitment makes First HoldCo one of the most significant investment positions in his portfolio.

The billionaire has described his more than ₦600 billion investment as a generational commitment rather than a short term trade.

The timing is also significant.

First HoldCo is working to strengthen FirstBank’s capital position while improving profitability and addressing legacy balance sheet challenges.

For Otedola, the investment has become increasingly concentrated.

When he entered 2024, he controlled just over 5% of First HoldCo while holding its chairmanship. Less than three years later, his position has grown to more than a quarter of the company.

His investment has also expanded alongside a financial institution with more than a century of operating history and a growing presence across African markets.

After deploying roughly $300 million on disclosed First HoldCo share purchases in 2026 alone, Otedola has now publicly connected his strategy to previous investments that eventually resulted in majority ownership.

The next phase could therefore be more consequential than the accumulation that brought him to 26%.

Otedola has already established himself as First HoldCo’s dominant shareholder. Whether he takes the next step toward 51% could determine whether his First HoldCo investment remains a powerful strategic position or becomes an attempt to take outright control of one of Africa’s oldest banking franchises.