Nigerian billionaire Femi Otedola has acquired an additional ₦18.1 billion ($12 million) worth of shares in First HoldCo.
The latest transaction accelerates Otedola’s bid for majority ownership of one of West Africa’s largest financial groups, occurring just days after the investor signaled his intention to take controlling interest in the institution.
First HoldCo, the parent company of Nigeria’s oldest banking giant, remains a primary target for the billionaire as he expands his influence within the Nigerian financial sector.
This investment follows a pattern of strategic share acquisitions intended to shift the ownership structure of the banking group. By increasing his stake, Otedola strengthens his position to dictate the future direction and governance of the institution.
The move highlights the ongoing consolidation of power among Nigeria’s wealthiest investors within the nation’s critical financial infrastructure.
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