Femi Otedola, the billionaire Chairman of First HoldCo Plc, has significantly consolidated his control over Nigeria’s oldest financial institution (First Bank of Nigeria), raising his total equity stake to 18.12%.
According to the latest Nigerian Exchange (NGX) filings for December 2025, the move solidifies Otedola’s position as the dominant force in the group’s ownership structure, up from the 11.8% interest he held at the end of 2024.
The aggressive accumulation comes at a pivotal moment for the lender, which is navigating a looming 2026 recapitalization deadline.
First HoldCo now has 44.45 billion shares outstanding following a private placement last year.
The Ownership Math: Direct and Indirect Holdings
Otedola’s 18.12% stake is structured through a combination of personal and proxy vehicles:
-
Direct Ownership: The Chairman personally holds 3.25 billion First HoldCo shares, representing a 7.31% direct stake.
-
Indirect Vehicles: The remaining 4.8 billion shares, or 10.81%, are held through various investment entities, giving him a combined total of 8.05 billion shares.
-
The “Chairman’s Valuation”: At the current market price of ₦45.00 per share (as of Jan. 30, 2026), Otedola’s total interest is valued at ₦362.4 billion.
Strategic Implications: Control and Capital
Otedola’s increased stake signals a “hands-on” approach to the bank’s future:
-
Governance Dominance: By nearing a 20% threshold, Otedola effectively commands the direction of the group’s restructuring efforts, providing him with substantial leverage in board-room decisions regarding the bank’s digital pivot and capital raising.
-
Recapitalization Signal: The acquisition suggests that the Chairman is leading the charge in providing the necessary fresh capital required by the Central Bank of Nigeria (CBN) to maintain First Bank’s Tier-1 status.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
