Femi Otedola Raises First HoldCo Stake by ₦2.01bn

Femi Otedola, chairman and major shareholder of First HoldCo Plc (FBN Holdings), has increased his ownership with the purchase of 64,878,668 additional shares worth ₦2,011,238,708.

The company disclosed the transactions in two filings to the Nigerian Exchange (NGX), in line with post listing requirements. According to the notices signed by Company Secretary Adewale L. O. Arogundade, Otedola, on September 23, 2025, bought 39,313,379 shares at ₦31 each, valued at ₦1,218,714,749. On the same day, he acquired another 25,565,289 shares, valued at ₦792,523,959, through Calvados Global Services Limited.

Following the purchases, Otedola’s direct shareholding rises to 3,251,346,245 units (7.76%), while his indirect holding stands at 3,491,125,586 units (8.34%). Combined, he now controls about 16.1% of First HoldCo, up from 13.15% as of September 2024.

The latest move comes roughly three months after major shareholders Oba Otudeko (via Barbican Capital Limited) and Tunde Hassan Odukale (Leadway Assurance) offloaded more than 10 billion First HoldCo shares, reshaping the register and opening room for new accumulations.