Billionaire investor and Group Chairman of First HoldCo Plc, Femi Otedola, has declared his intention to acquire a controlling stake of over 51% in the financial services conglomerate, reinforcing his long-term commitment to Nigeria’s oldest banking group.
​The announcement follows a series of substantial share acquisitions in late July 2026, which saw Otedola invest over ₦600 billion ($432 million) of his personal fortune into the company, elevating his total beneficial holding to 25.87% (11.76 billion shares).
​Speaking in an exclusive interview with financial media platform Nairametrics in Lagos, published on Monday, Otedola clarified that his accumulation of shares is part of a deliberate, long-term restructuring strategy rather than short-term market speculation.
​”If you look at my antecedents, my investment threshold is always over and above 51 percent,” Otedola stated. “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. I am on the same trajectory with First HoldCo Plc.”
​Otedola pointed to his previous corporate turnarounds as blueprints for his vision at First HoldCo; Forte Oil Plc (formerly African Petroleum), Built his stake from 28% to 75% before a successful exit in 2019.
Geregu Power Plc Scaled his position from 51% to 95%, maintaining 77% following its public listing on the Nigerian Exchange (NGX) in 2022.
​Unlike past investments, Otedola emphasized that First HoldCo represents a “long-term generational commitment” aimed at safeguarding an institution vital to Nigeria’s economy.
​Otedola’s latest drive towards majority control gained momentum through two massive open-market transactions on the NGX: July 22, he acquired 706.13 million shares for approximately ₦77.6 billion and July 30, he purchased an additional 1.779 billion shares worth ₦222.2 billion.
​The aggressive buying spree pushed First HoldCo’s market capitalization past ₦6.2 trillion, briefly lifting the stock to a record intraday high of ₦137.20 per share and establishing it as Nigeria’s most valuable listed banking group.
​Addressing the group’s past challenges, including over ₦3 trillion in bad loan impairments over the past decade, Otedola expressed complete confidence in the bank’s operational overhaul.
​Following a clean-up of legacy credit risk and central bank-mandated recapitalization efforts, First HoldCo met the Central Bank of Nigeria’s ₦500 billion minimum capital requirement well ahead of regulatory deadlines, with shareholders approving an additional ₦253 billion capital raise in May 2026.
​”A modern Nigerian economy, aspiring toward a $1 trillion GDP, cannot be anchored on weakly capitalised banks,” Otedola noted, emphasizing that strong capital buffers and stable majority leadership are essential to prevent systemically important banks from being exposed to governance vulnerabilities.
