Femi Otedola Approaches 30% Stake in First HoldCo Following $9 Million Share Purchase

Femi Otedola (Nigerian businessman and philanthropist)

Nigerian billionaire Femi Otedola has further consolidated his position as the dominant shareholder of First HoldCo, acquiring an additional 95.7 million shares for ₦12.58 billion ($9 million). The acquisition elevates his overall stake in the financial services group—parent company of FirstBank—from 27.49% to 27.70%.

According to a regulatory filing with the Nigerian Exchange (NGX), the transaction was executed via Calvados Global Services Limited at an average price of ₦131.48 per share. Otedola’s total holdings now stand at approximately 12.14 billion shares.

This latest purchase continues an aggressive consolidation strategy. Since July, Otedola has acquired over 2.16 billion shares, rapidly expanding his control of the institution as he targets his long-term goal of securing a 51% majority stake.

First HoldCo is the parent company of FirstBank, whose banking operations extend across several African markets and the United Kingdom. [Photo: George Osodi/Bloomberg via Getty Images]

Femi Otedola Rapidly Consolidates Control of First HoldCo with Multi-Billion Naira Buying Spree

Nigerian billionaire Femi Otedola has dramatically increased his stake in First HoldCo through a series of high-value transactions executed primarily via Calvados Global Services Limited:

• July 30: Acquired 1.78 billion shares at ₦124.90 per share (₦222.2 billion / ~$160 million), boosting his holding from 21.96% to 25.88%.
• August 6: Purchased an additional 138 million shares for ₦18.11 billion.
• August 17: Added 147.7 million shares for ₦20.7 billion, elevating his stake to 27.49%.
• Latest Purchase: Secured 95.7 million shares, pushing his total equity to 27.70%.

Since late July alone, Otedola has absorbed over 2.16 billion shares, marking a swift consolidation of power.

A Five-Fold Expansion in Ownership

• Otedola's aggressive accumulation reflects a substantial long-term shift in the ownership structure of FirstBank’s parent company:
•  Pre-August 2023: Held approximately 5.65% prior to joining the board.
•  Present: Holds 27.70%, representing nearly a five-fold increase in voting control.
•  Total Investment: Cumulative capital deployed into First HoldCo has surpassed ₦600 billion, with major disclosures in 2026 alone accounting for hundreds of billions of naira.

This campaign firmly positions Otedola as the dominant individual shareholder in one of Nigeria’s largest financial institutions.

Strategic Vision & International Reach: Otedola’s Playbook at First HoldCo

Femi Otedola’s aggressive share accumulation aligns with his broader corporate strategy of establishing strong positions before pursuing operational control. Appointed Chairman of First HoldCo in January 2024, Otedola has maintained a clear long-term target of securing a 51% majority interest. While his current 27.70% stake remains below that threshold, his persistent acquisitions steadily narrow the gap.

Pan-African and Global Strategic Value

The strategic importance of First HoldCo extends far beyond its domestic operations:

Regional Reach: Parent company to FirstBank, the group operates across key African markets, including Ghana, Guinea, Sierra Leone, Senegal, The Gambia, and the Democratic Republic of Congo.

International Presence: Its footprint extends to the United Kingdom, alongside ongoing cross-border expansion initiatives.

Portfolio Significance: For Otedola—who built his core fortune in energy before expanding into power and financial services—First HoldCo now represents one of his most strategic holdings.

Though recent individual transactions—such as the ₦12.58 billion purchase—are smaller than his landmark ₦222.2 billion acquisition in July, they signal an uninterrupted push toward majority governance.