Is Femi Otedola Set for Full Control of First Holdco?

By Adedapo Adesanya

Nigerian businessman Femi Otedola has strengthened his position as the largest shareholder in First Holdco Plc, increasing his stake to 26 per cent through the acquisition of additional shares worth N222.21 billion on the Nigerian Exchange (NGX) Limited.

According to a disclosure on the NGX on Thursday, the chairman of First Holdco acquired further 1,779,094,976 shares of the group at N124.90 per share.

The transaction on the Nigerian main bourse takes Mr Otedola’s position to 11,763,018,192 shares from 9,277,792,037 as of June 30 2026, as per the company’s unaudited results, making him the largest shareholder of the oldest financial institution in Nigeria.

The acquisition also has implications under Nigeria’s takeover rules, which require any shareholder that acquires 30 per cent or more of a listed company to make a mandatory offer to the remaining shareholders.

With an estimated 26 per cent stake in First Holdco, which is equivalent to nearly 12 billion shares out of the company’s 45.48 billion outstanding shares, Mr Otedola is now nearing the regulatory threshold.

The gap to the mandatory takeover threshold is about 2.49 billion shares, fewer than the block Otedola acquired in July 2026 alone. A further purchase of a similar scale would trigger Nigeria’s mandatory takeover rules, requiring him to make an offer for all the remaining shares of First Holdco Plc, the parent company of First Bank of Nigeria Limited.

As of now, the billionaire has given no indication that he intends to trigger a mandatory takeover, consistently describing his share purchases as a long-term investment rather than a path to outright control of the group.

Mr Otedola’s stake-building has been years in the making but gathered significant pace in 2026. He held 6.68 billion shares, representing 15.95 per cent of First Holdco, at the end of June 2025, when the company had 41.88 billion shares outstanding.

By March 31, 2026, his holding had risen to 8.06 billion shares against an expanded share capital of 44.45 billion. Three months later, his stake increased to 9.28 billion shares after he acquired about 1.22 billion shares in a single quarter, largely through indirect holdings. A further acquisition through his investment vehicle, Calvados Global Services, this month pushed his holdings above the 10 billion-share mark for the first time.

He has also reiterated that the money committed is his own rather than borrowed.

In recent months, Mr Otedola has also made other high-profile investment moves beyond the banking sector, including acquiring a luxury residence in London’s exclusive Mayfair district, underscoring his growing international real estate portfolio.

He is believed to have participated in a financing arrangement involving the Dangote Refinery, placing funds with the facility as it secured working capital to support the scale-up of operations.

With the 30 per cent threshold now within reach, is a First Holdco takeover Mr Otedola’s next move?