Otedola targets >51% stake in First HoldCo after N600B personal investment

Billionaire investor Femi Otedola aims to secure over 51% controlling stake in First HoldCo Plc, stating majority ownership is essential for implementing reforms and long-term value creation. He disclosed this in a Nairametrics interview, citing his successful turnaround strategies at Forte Oil and Geregu Power as proof of his investment approach.

Otedola recently increased his stake through two major July 2026 transactions: purchasing 706.13 million shares for ₦77.6 billion on July 22, then 1.779 billion shares for ₦222.2 billion on July 30. This brings his total holding to 11.76 billion shares (25.87%) valued at approximately ₦1.47 trillion (~$1 billion). He revealed he has already invested over ₦600 billion of personal wealth in the company.

First HoldCo achieved a historic ₦6.21 trillion market capitalization during Monday's trading, becoming Nigeria's first banking group to surpass the ₦6 trillion milestone—less than two weeks after crossing ₦5 trillion. Otedola stated the company is now positioned for sustainable growth through stronger human resources, world-class operations, innovation, and improved risk management after writing off over ₦3 trillion in bad loans.

With First HoldCo cementing its position as Nigeria's most valuable bank and Otedola doubling down on his controlling stake strategy, what does this signal about confidence in Nigeria's banking sector reform potential—and should investors view this as a green light for sector exposure?

SOURCE: https://nairametrics.com/2026/08/03/otedola-targets-over-51-stake-in-first-holdco/