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Femi Otedola

Businessman Femi Otedola has increased his stake in First HoldCo Plc to 26.1 per cent following an investment valued at N18.1 billion, further strengthening his position as a major shareholder in the financial services group.

The transaction underscores Otedola’s continued commitment to the group and comes as First HoldCo records strong financial performance and seeks to consolidate growth across its banking and other financial services businesses.

Otedola became chairman of First HoldCo in January 2024 and has since overseen changes focused on corporate governance, cost control and operational efficiency.

His latest acquisition is expected to further increase his influence within the company as the group continues to pursue strategies aimed at improving shareholder value and strengthening its competitive position.

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First HoldCo has recorded significant growth in its financial performance in 2026, reporting strong earnings in the first half of the year.

The group posted gross earnings of N1.93 trillion and profit before tax of N653.5 billion in the first half of 2026, reflecting continued expansion in its operations.

Its commercial banking business has also remained a major contributor to overall performance, with first-quarter 2026 gross earnings reaching N897.1 billion, representing a 23.8 per cent year-on-year increase. Profit before tax for the banking business rose 71 per cent to N285.8 billion during the period.

The fresh investment therefore comes against a backdrop of improved earnings and renewed investor interest in the financial services sector.

Otedola’s increased holding could also provide additional confidence to investors regarding his long-term commitment to First HoldCo.

Since assuming the chairmanship, he has pursued measures aimed at tightening financial discipline and improving governance within the group.

Among the changes previously associated with his leadership was the discontinuation of private-jet use for executive travel at the company’s expense, a decision presented as part of efforts to promote cost efficiency.

The latest acquisition is expected to further align Otedola’s interests with those of other shareholders as First HoldCo continues to expand its operations.

The group’s strong financial results have positioned it to pursue additional opportunities within Nigeria’s evolving financial services market.

Analysts and investors will now be watching how the increased shareholding affects the company’s strategic direction and shareholder value.

For Otedola, the transaction represents another significant investment in one of Nigeria’s largest financial institutions and reinforces his position as a major force within the group.