Business Page Writer
By Nonso Agbodi
Billionaire businessman and chairman of First HoldCo Plc, Femi Otedola, has further consolidated his influence in the financial services giant with a fresh acquisition of shares worth over ₦2.01 billion.
Regulatory filings with the Nigerian Exchange Limited (NGX) revealed that Otedola purchased a total of 64,878,668 shares on September 23, 2025. The transactions, carried out in two tranches, included 39,313,379 shares at ₦31 each valued at about ₦1.22 billion, alongside another 25,565,289 shares worth ₦792.5 million through his investment vehicle, Calvados Global Services Limited.
The latest acquisition lifts Otedola’s direct shareholding to more than 3.25 billion units, representing 7.76 percent of First HoldCo. His indirect stake has also climbed to 3.49 billion units, or 8.34 percent. Combined, the mogul now controls 16.1 percent of the company’s total shares — a sharp rise from the 13.15 percent recorded a year earlier in September 2024.
This move comes on the heels of major divestments earlier in the year by Oba Otudeko’s Barbican Capital Limited and Tunde Hassan-Odukale of Leadway Assurance, who collectively offloaded more than 10 billion shares.
Market analysts say Otedola’s increasing stake underscores his determination to shape the future direction of First HoldCo, the parent company of First Bank of Nigeria, as competition intensifies within the Nigerian banking sector.
With this latest investment, Otedola cements his position as one of the most powerful figures in Nigeria’s financial landscape, reinforcing speculation about his long-term vision for the 130-year-old banking institution.
