Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has indicated that he intends to build a controlling stake of more than 51% in First HoldCo Plc, saying majority ownership is central to executing the reforms and restructuring needed to create long term value. Otedola disclosed this in an exclusive interview with Nairametrics, noting that his investment philosophy has always been to acquire controlling interests in businesses. According to him, his antecedents in this regard are evident in the successful transformation of Forte Oil Plc and Geregu Power Plc. What Otedola is saying
In the interview, Otedola spoke about his long-term ambitions for First HoldCo, where he currently owns about 25.8%, making him the company’s largest shareholder. “I am sure that you can see from my antecedents that my investment threshold is always over and above 51%,” Otedola said.
He emphasized that maintaining firm shareholder control, while protecting minority shareholder interests, provides the support needed to implement difficult reforms and restructuring programmes. “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,” he said. Otedola explained that he gradually increased his ownership in African Petroleum Plc, later renamed Forte Oil Plc, from 28% to 75% before selling the business in 2019. He added that he followed a similar strategy at Geregu Power Plc, raising his stake from 51% to 95% before reducing it to 77% after the company’s public listing in 2022. The billionaire investor said First HoldCo is following the same path.
“I am on the same trajectory with First HoldCo Plc,” he said. Over N600 billion invested already
Otedola disclosed that he has invested more than N600 billion of his personal wealth in the company, describing the investment as a reflection of his confidence in its future rather than market speculation.
“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,” he said. He said the group’s future strategy would focus on building a strong human resource base, deploying world-class operational processes, and strengthening innovation and service delivery.
According to him, First HoldCo has also strengthened its risk management and credit control framework in recent years to build a world-class credit culture after impairing more than N3 trillion in loans over the past decade. He expressed confidence that the company is now positioned for sustainable growth and stronger returns to shareholders on the back of improved transparency, accountability, reliability, and trust. Get up to speed
In July alone, Otedola executed two major transactions that pushed his stake in First HoldCo to 25.8%,
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On July 22, 2026, the billionaire deepened his investment in the financial holding company after acquiring 706.13 million ordinary shares worth approximately N77.6 billion in a single transaction on the Nigerian Exchange (NGX).
That transaction came days after First HoldCo reported record half-year earnings and became the first Nigerian banking stock to surpass a N5 trillion market capitalization milestone. Again on July 30, 2026, Otedola acquired an additional 1.779 billion ordinary shares worth approximately N222.2 billion. That deal raised Otedola’s total beneficial shareholding to 11.76 billion shares, representing 25.87% of the company’s issued share capital. At the purchase price of N124.90 per share, his stake was valued at approximately N1.47 trillion (~$1 billion), making it one of the largest financial services-related individual shareholdings on the Nigerian Exchange. What you should know
First HoldCo’s shares have continued to attract huge investor interest, a development that pushed the company to record N6 trillion market capitalisation during Monday’s trading session, thus becoming the first Nigerian banking group to reach the milestone. At a share price of N136.50 and with approximately 45.48 billion shares outstanding, the group’s market value reached about N6.21 trillion, cementing its position as Nigeria’s most valuable listed banking group. The milestone crowns an extraordinary rally in FirstHoldCo’s share price in 2026.
It comes less than two weeks after the company crossed the N5 trillion market-capitalisation threshold for the first time in its history during midday trading on July 22, when its shares traded between N112 and N113 following the release of its strong half-year financial results.
