Lagos, Nigeria — Nigerian business magnate Femi Otedola has bolstered his presence in the country’s banking sector with a substantial share acquisition in First HoldCo Plc.
On May 13, 2026, Otedola acquired 549. 5 million shares, valued at about N43. 41 billion ($31.
9 million) based on current exchange rates, thereby raising his total stake in the company to 19. 36%.
The shares were purchased at an average price of N79 each, as per a filing with the Nigerian Exchange Limited (NGX). This significant move is the largest single share purchase Otedola has made since becoming the chairman of First HoldCo in January 2024. Otedola’s growing investment in First HoldCo, which includes earlier purchases in 2025, reflects his growing exposure to the banking sector.
His recent acquisition follows a period of active share purchases, which have expanded his stake from 13. 15% to the current 19. 36%.
The transaction, as disclosed in regulatory filings, comes at a time when Nigeria’s banking sector is under scrutiny, with investors keeping a close eye on capital strengthening and reforms within the financial industry. While the motives behind Otedola’s decision to increase his stake in First HoldCo remain unspecified, his involvement in the sector is likely to be closely monitored by industry analysts and investors. His investment could signal confidence in the company’s future or represent a strategic play for greater control over the banking sector.
In the broader context of Nigeria’s financial landscape, Otedola’s investment in First HoldCo is significant, especially as the sector evolves with a focus on technology and innovation. His background in the energy sector and his recent foray into finance suggest a potential for leveraging industry trends and influencing the direction of the banking industry.
As of this report, the specific market capitalization of First HoldCo Plc is not detailed, but Otedola’s acquisition represents a substantial financial commitment to the company. This development is a notable milestone in the Nigerian financial sector, with implications for the company’s strategic direction and governance structure, as well as the potential for further consolidation in the banking industry.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Segun Adeyemi
