Nigerian billionaire Femi Otedola spends another $15 million on First HoldCo, raising his stake to 27.49% as he pursues majority control

Otedola purchased 147.74 million shares in the financial services group at N140 each through Calvados Global Services Limited, according to a regulatory disclosure on Monday.

The purchase increased his ownership of First HoldCo to 27.49%, from 27.16% following an earlier acquisition in August.

Otedola now controls approximately 12.05 billion shares in the group, which is the parent company of FirstBank, one of sub-Saharan Africa’s oldest surviving financial institutions.

The percentage increase from the latest purchase is modest, but it is significant within Otedola’s larger campaign to secure greater control of the banking group.

His ownership is now just 2.51 percentage points below the 30% level at which Nigeria’s takeover rules could require an investor to make an offer to other shareholders.

More than $300 million invested this year

The latest purchase brings the value of Otedola’s major disclosed First HoldCo acquisitions in 2026 to approximately N412 billion, or more than $300 million at the official exchange rate.

He acquired about 549.54 million shares for N43.41 billion in May before purchasing additional shares through First HoldCo’s capital-raising programme.

In July, Otedola paid N77.58 billion for 706.13 million shares. He followed this with his biggest disclosed acquisition of the year, spending approximately N222.21 billion on another 1.78 billion shares.

An additional 138.04 million shares acquired for N18.11 billion in early August increased his position further before the latest N20.68 billion purchase.

The transactions have consolidated Otedola’s position as First HoldCo’s dominant shareholder and represent a sharp change from his ownership level before he became chairman.

At the end of 2023, Otedola held about 2.03 billion shares directly and through Calvados, representing 5.65% of First HoldCo. By the end of 2024, his stake had more than doubled to approximately 11.8%.

His present holding is nearly six times the number of shares he controlled before becoming chairman of the group in January 2024.

The journey towards majority control

Otedola recently suggested that his growing First HoldCo position could follow the same pattern as his previous investments, where gradual share purchases eventually gave him majority control.

He said he increased his stake in African Petroleum, which later became Forte Oil, from 28% to 75%. At Geregu Power, he moved from 51% ownership to as much as 95% before reducing his stake after the company was listed.

“I am on the same trajectory with First HoldCo Plc,” Otedola said.

Although he has not expressly announced a timetable for reaching 51%, the statement and repeated purchases indicate that his current position may be more than a passive investment.

Crossing 51% would give him outright majority ownership of First HoldCo. However, getting there would require him to acquire billions of additional shares and commit considerably more capital.

First HoldCo is also raising fresh equity, which could expand its total number of shares and affect the size of the investment needed to secure majority ownership.

A bet extending beyond Nigeria

Otedola’s growing ownership has significance beyond Nigeria because First HoldCo controls a banking network extending across West and Central Africa.

FirstBank, founded in 1894, operates in Ghana, Senegal, Guinea, Sierra Leone, Gambia and the Democratic Republic of Congo. It also has a presence in the United Kingdom.

The group is raising capital to strengthen FirstBank’s balance sheet and meet the Central Bank of Nigeria’s higher minimum capital requirements for banks.

Otedola has described the more than N600 billion he has committed to First HoldCo over the years as a long-term, generational investment.

His latest purchase does not radically change his percentage ownership, but it moves him closer to the 30% regulatory threshold and strengthens the expectation that 27.49% may not be his final destination.