Nigerian billionaire, Otedola, increases shares in banking sector investment with over $30 million
Nigerian billionaire Femi Otedola has increased his stake in First HoldCo Plc by purchasing an additional 549.5 million shares, valued at about N43.41 billion, or roughly $31.9 million at current exchange rates.
Black News 
![Nigerian billionaire Femi Otedola increased his stake in FirstHoldCo to 19.36% after acquiring an additional N549.5 million worth of shares, about $31.9 million, strengthening his position in one of Nigeria's largest financial groups. [Benson Ibeabuchi and George Osodi/Bloomberg via Getty Images]](https://ocdn.eu/pulscms/MDA_/7b384cc7bbb3d946af3ce107ddba1b33.jpg)
Nigerian billionaire Femi Otedola has increased his stake in First HoldCo Plc by purchasing an additional 549.5 million shares, valued at about N43.41 billion, or roughly $31.9 million at current exchange rates.
- Femi Otedola has acquired an additional 549.5 million shares in FirstHoldCo, valued at about $31.9 million.
- The purchase increased his total stake in the company to 19.36%, according to an NGX filing.
- The acquisition represents his largest single share purchase since becoming chairman in January 2024.
- The move comes as investors continue to monitor Nigeria's evolving banking sector and capital market activity.
The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), was executed on May 13 at an average share price of N79.
Following the acquisition, Otedola's total holdings in FirstHoldCo increased from 8.06 billion shares to 8.60 billion shares, raising his ownership to 19.36%.
The purchase marks Otedola's largest single share acquisition since he became chairman of the financial institution in January 2024, strengthening his position as one of the company's largest shareholders.
The latest move follows a series of earlier acquisitions that steadily expanded his stake in the group. In September 2025, Otedola acquired an additional 64.87 million shares, valued at about N2.01 billion, or approximately $1.48 million at current exchange rates. Those transactions included both direct purchases and shares acquired indirectly through Calvados Global Services Limited.
The September purchases increased his stake to 16.1% from 13.15% recorded a year earlier.
The fresh acquisition further underscores Otedola's growing investment exposure to Nigeria's banking sector, as investors closely watch capital-strengthening efforts and broader reforms across the country's financial sector.
