Femi Otedola has spent decades building businesses around Nigeria’s energy sector.
But in recent months, one of his biggest financial commitments has shifted from oil and power to banking.
Otedola’s latest acquisition of First HoldCo Plc shares has taken the value of his investment in the financial services group to about ₦1.61 trillion, following a series of purchases that have made him the company’s largest individual shareholder.
Through his investment vehicle, Calvados Global Services Limited, Otedola acquired an additional 95.69 million shares worth ₦12.58 billion at ₦131.48 per share, according to a corporate disclosure filed with the Nigerian Exchange (NGX).
The purchase increased his holding to approximately 12.23 billion shares, representing about 26.6 percent of First HoldCo’s issued shares.
The acquisition was the latest in a steady accumulation of shares that has reshaped Otedola’s position in Nigeria’s banking industry.
A year of aggressive accumulation
Otedola’s rise in First HoldCo has been driven by repeated purchases rather than a single transaction.
In July 2026, he acquired 706.13 million shares worth ₦77.58 billion, increasing his exposure to the company.
Days later, he bought another 1.78 billion shares valued at ₦222.2 billion, pushing his ownership stake to about 25.87 percent.
Further acquisitions in August increased his position beyond 26 percent before the latest purchase.
The pace of accumulation places Otedola among the most significant individual investors on the Nigerian Exchange, where ownership of major companies is often spread among institutional investors, pension funds and high-net-worth shareholders.
His First HoldCo position has also become one of the most valuable single-company investments held by a Nigerian businessman.
From energy assets to financial infrastructure
Otedola built much of his wealth through energy.
He founded Zenon Petroleum and Gas, one of Nigeria’s leading downstream oil companies, before selling much of his stake in the business. He later became a major investor in the power sector through Geregu Power Plc, which became one of Nigeria’s most prominent publicly listed electricity companies.
BEA previously examined how Geregu Power became one of Nigeria’s most valuable listed power assets.
His First HoldCo investment represents a different type of asset.
While energy companies are exposed to production, infrastructure and commodity cycles, banks occupy a central position in economic activity through lending, payments, deposits and financial services.
First HoldCo owns First Bank of Nigeria Limited, one of Nigeria’s oldest financial institutions, with operations spanning commercial banking, digital banking and financial services.
For investors with a long-term view, large financial institutions offer exposure to the wider economy because their performance is tied to business activity, consumer spending and credit growth.
Why First HoldCo attracted Otedola
First HoldCo’s appeal is linked to the scale and history of its banking operations.
FirstBank has operated in Nigeria for more than a century and remains one of the country’s most recognised banking brands. The institution has a large retail customer base and extensive presence across Nigeria and other African markets.
The company has also undergone significant restructuring in recent years as it strengthened its corporate structure under First HoldCo.
Otedola’s investment provides him exposure to a financial institution positioned across several parts of Nigeria’s economy.
Unlike a traditional operating business, a bank’s growth depends largely on its ability to mobilise deposits, expand lending and manage risk effectively.
The ownership question
Otedola’s rising stake has naturally attracted attention because of the size of his position.
At approximately 26.6 percent, he is First HoldCo’s largest individual shareholder and chairman of the company.
However, the company is not owned or controlled by Otedola. FirstHoldCo remains publicly listed, with shares held by other investors.
There have been reports suggesting that Otedola may continue increasing his stake. Any further purchases would be closely watched by investors and regulators because ownership levels in listed companies can have implications under Nigeria’s takeover regulations.
The Nigerian Exchange and the Securities and Exchange Commission maintain rules around significant ownership changes, particularly when investors move toward levels that could affect control of a public company.
For shareholders, the focus will be on what Otedola’s increased ownership means for governance, strategy and long-term value creation.
A different approach to wealth building
Otedola’s investment pattern reflects a wider shift among Nigerian billionaires.
Rather than remaining concentrated in one industry, some of the country’s wealthiest entrepreneurs have increasingly moved into strategic assets across sectors.
Aliko Dangote has expanded from cement into refining and petrochemicals. Tony Elumelu has built interests across banking, energy and entrepreneurship. Otedola has moved from oil trading into power and financial services.
BEA’s profile of Africa’s billionaire business builders examines how leading entrepreneurs have diversified their holdings across industries.
The strategy goes beyond accumulating ownership stakes. It is about positioning capital in businesses that underpin essential parts of the economy.
Energy powers businesses. Banks finance them.
