Otedola raises First HoldCo stake to 26.17% with fresh ₦18.1bn share purchase

Billionaire investor, Femi Otedola has increased his direct and indirect equity stake in First HoldCo Plc to 26.17 percent following a fresh share acquisition worth ₦18.1 billion.

The transaction was disclosed in a regulatory filing made to the Nigerian Exchange Limited (NGX).

According to the disclosure, Otedola acquired additional units of First HoldCo’s ordinary shares through his investment vehicles, pushing his aggregate holdings higher and consolidating his position as the single largest shareholder of the financial services group.

The landmark acquisition reflects ongoing strategic positioning among key institutional and high-net-worth investors in Nigeria’s banking sector following recent capital-raising exercises and regulatory requirements established by the Central Bank of Nigeria (CBN).

Industry analysts note that Otedola’s increased equity stake further solidifies his influence over the strategic direction and corporate governance of First HoldCo Plc, the parent entity of First Bank of Nigeria Limited.

The market has reacted to the development with keen interest, as investor sentiment toward First HoldCo remains closely tied to major shareholding shifts and board dynamics among its principal stakeholders.