Nigerian billionaire Femi Otedola has strengthened his position in First HoldCo after another major share purchase lifted his ownership to 26.1%, deepening his influence over one of Nigeria’s most established financial groups.
His latest transaction involved 138.04 million shares bought through Calvados Global Services Limited, an investment vehicle linked to the businessman. First HoldCo disclosed the deal in a regulatory filing dated 7 August.
Shares were acquired at ₦131.20 each, putting the transaction at about ₦18.1 billion. Following the purchase, Otedola’s holdings increased to almost 12 billion shares.
That latest acquisition forms part of a much larger investment drive. Otedola has spent about $300 million increasing his First HoldCo position during 2026, according to Business Insider Africa, taking his stake well beyond the level he held before becoming chairman.
Growing ownership has placed renewed attention on his long-term plans for the banking group. Otedola has previously indicated that his investment strategy favours controlling positions, although no majority acquisition of First HoldCo has been announced.
Reaching majority ownership would require him to move beyond 50% and commit significantly more capital. Such a move would also face the regulatory requirements attached to ownership and control within Nigeria’s banking industry.
First HoldCo sits at the centre of a financial network built around FirstBank, one of Nigeria’s oldest and most recognisable banking institutions. Its scale makes changes in ownership particularly important to investors and the wider financial sector.
Otedola’s buying has coincided with strong investor interest in the group. First HoldCo’s market value moved above ₦6 trillion as its share price climbed during recent trading, increasing the value of his growing position.
Nigeria’s wider banking environment adds another dimension to the investment. Banks are strengthening their balance sheets under new capital requirements introduced by the Central Bank of Nigeria. Recapitalisation has forced institutions to consider fresh equity, mergers and other measures as they prepare for a more demanding regulatory environment.
Large shareholders with the ability to inject capital could become increasingly influential during that transition. Otedola has experience taking substantial positions in major Nigerian companies. His business interests have moved across petroleum, power generation and financial services over several decades, often involving significant ownership stakes rather than passive investments.
First HoldCo, however, carries particular significance because of its place within Nigeria’s financial system. Banking groups do more than generate returns for shareholders. They hold deposits, provide credit to businesses and households, finance trade and connect companies to wider regional and international markets.
Ownership therefore attracts greater regulatory attention than it might in many other industries.
Nigeria’s banking sector is also changing rapidly. Traditional lenders face growing competition from fintech companies, while digital banking has altered how customers transfer, save and manage money.
At the same time, Nigerian financial groups are looking beyond their domestic market as they pursue opportunities elsewhere in Africa.
Against that backdrop, Otedola’s expanding stake gives him considerable influence over First HoldCo’s future direction. What remains uncertain is whether 26.1% represents a strategic position he intends to maintain or another stage in a longer journey towards greater control. His recent buying suggests that First HoldCo remains central to his investment strategy.
Market performance has also significantly increased Otedola’s wealth. BusinessDay reported this week that gains linked to First HoldCo have helped make him Africa’s fastest-growing billionaire by wealth increase in 2026. Such gains can change quickly with share prices, but the underlying ownership shift is more significant.
Otedola has moved from being one of First HoldCo’s major investors to becoming its dominant shareholder. Each additional purchase strengthens that position and reduces the distance between significant influence and possible control.
Any eventual majority move would need to unfold within Nigeria’s regulatory framework and would attract close scrutiny from shareholders and financial authorities. Until then, the clearest story lies in the scale of capital already committed.
About $300 million invested in First HoldCo shares during 2026 represents a substantial vote of confidence in the banking group. It also places Otedola at the centre of a wider transformation taking place across Nigeria’s financial sector.
As banks recapitalise and competition intensifies, ownership structures are becoming part of the industry’s changing landscape.
At First HoldCo, that change already has a defining figure. Otedola now controls more than a quarter of the group, and his next move could determine whether his growing investment remains a powerful minority position or develops into something considerably larger.
