Femi Otedola has increased his ownership in First HoldCo to 25.88% following the acquisition of an additional 1.78 billion shares in the Nigerian financial group.
The billionaire has spent approximately ₦222.2 billion to build his position in the company, according to recent data. This latest purchase further solidifies his interest within one of Nigeria’s most prominent financial institutions.
Expanding influence in First HoldCo
The acquisition of 1.78 billion shares represents a substantial expansion of Otedola’s portfolio. By raising his interest to nearly 26%, Otedola has significantly increased his footprint within the ownership structure of the holding company.
First HoldCo, the parent entity of First Bank of Nigeria, remains a cornerstone of the country’s banking sector. The scale of the investment—amounting to ₦222.2 billion—highlights the billionaire’s capacity to deploy significant liquidity into the Nigerian capital market.
Such high-volume acquisitions are typically closely watched by market participants and regulators, as they can influence share price stability and the future corporate direction of the institution.
This transaction follows Otedola’s established history of taking substantial stakes in key sectors of the Nigerian economy to drive value and corporate restructuring.
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