Otedola Reveals Ambition to Take Majority Control of First HoldCo

By Adedapo Adesanya

The chairman of First HoldCo Plc, Mr Femi Otedola, has affirmed plans to increase his 26 per cent holding in the organisation to 51 per cent, confirming a planned takeover of Nigeria’s oldest banking institution.

Mr Otedola spoke in an exclusive interview with Nairametrics published on Monday, giving a rare direction following recent speculations about the financial institution.

The milestone followed a series of share acquisitions, as Mr Otedola sought to tighten his grip as the company’s largest shareholder following the recent acquisition of additional shares worth N222.21 billion.

In the interview, the mogul said he has invested more than N600 billion of his personal wealth in First HoldCo, describing the move as a “long-term generational commitment” rather than another turnaround investment he would eventually exit.

Responding to speculation that he intends to consolidate his position in the group, Mr Otedola hinted that his investment journey is far from over.

“My investment threshold is always over and above 51 per cent,” he said. “One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”

The businessman said the same strategy had guided his investments in African Petroleum Plc, later renamed Forte Oil Plc, where he gradually increased his shareholding from 28 per cent to 75 per cent before exiting the company in 2019.

He said he also increased his stake in Geregu Power Plc from 51 per cent to 95 per cent before reducing it to 77 per cent after the company’s public listing.

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

“To date, I have invested over N600 billion of my personal wealth in First HoldCo Plc — a figure that speaks not to speculation, but to unflinching confidence in the institution’s future, fundamentals and an unwavering personal commitment to its success.”

Mr Otedola said his decision to invest in First HoldCo came at a time when the institution was facing one of the most challenging periods in its history.

The billionaire steadily increased his investment in the group, accelerating his share purchases in 2026. His stake grew from 6.68 billion shares (15.95 per cent) in June 2025 to 8.06 billion shares by March 2026, then to 9.28 billion shares by June after acquiring about 1.22 billion shares in one quarter. A further purchase through Calvados Global Services last month lifted his holdings above 10 billion shares for the first time.