Otedola Boosts First Holdco Stake to 26% with N222.21bn Purchase

Billionaire investor Olufemi Otedola has acquired an additional N222.21 billion worth of shares in First Holdco Plc on the Nigerian Exchange Limited (NGX). He purchased 1,779,094,976 shares at N124.90 each, increasing his total holdings to 11,763,018,192 shares, representing a 26% stake in the company.

This acquisition positions him as the largest shareholder of First Holdco, the parent company of First Bank of Nigeria Limited. Under Nigerian takeover regulations, crossing the 30% threshold would require Otedola to make a mandatory offer for the remaining shares, but he has indicated that his investments are for the long term rather than for outright control.

Otedola's shareholding has grown significantly over the years, from 6.68 billion shares (15.95%) in June 2025 to 9.28 billion shares by June 2026. The shares closed at N119.95 as of July 30, 2026, reflecting a 150.4% gain year-to-date.