Otedola to Boost Stake in First HoldCo to Over 51%

Femi Otedola, Chairman of First HoldCo Plc, intends to raise his shareholding in the financial services group to over 51%. He has already invested more than N600 billion of his personal wealth, emphasizing that majority ownership is crucial for executing reforms to transform the institution into a world-class banking franchise.

Currently, Otedola holds approximately 25.8% of First HoldCo, making him its largest shareholder. Recently, he invested an additional N222 billion in the company, which is the parent of First Bank.

Otedola's strategy reflects his previous investments in Forte Oil Plc and Geregu Power Plc, where he gradually increased ownership. He recognized the strength of First HoldCo's franchise despite its legacy challenges, including governance failures and deteriorating asset quality.

Following a Central Bank of Nigeria intervention in 2021, the board initiated a turnaround program, which has begun yielding results, with a reported 83.5% year-on-year increase in profit before tax to N653.4 billion in the first half of 2026.