In another decisive move that further underlines his growing influence within Nigeria’s financial landscape, billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has strengthened his position in the banking group through a fresh share acquisition valued at approximately N43.41 billion.
The transaction, executed on the Nigerian Exchange on May 13, 2026, involved the purchase of 549,535,653 ordinary shares at an average price of N79 per share — one of the largest single equity deals recorded on the exchange this year.
Following the acquisition, Otedola’s stake in First HoldCo has risen from 8.05 billion shares disclosed in the group’s 2025 audited accounts to approximately 8.60 billion shares, representing a commanding 19.35 percent ownership position in the financial institution.
The latest move further cements the billionaire investor’s standing as one of the most influential figures shaping the future of Nigerian banking.
Beyond the sheer size of the acquisition, the transaction triggered renewed investor enthusiasm around the stock, with trading volumes surging dramatically above 575 million shares by market close — the highest single-day trading volume recorded on the counter in 2026 so far.
The momentum has equally translated into market performance. Year-to-date, First HoldCo shares have climbed more than 57 percent, reinforcing investor confidence in the group’s evolving strategic direction and long-term growth ambitions.
Only RC Investment Management Ltd currently ranks ahead of Otedola on the company’s shareholder register, with a 23.47 percent stake equivalent to 10.43 billion shares.
The aggressive accumulation of shares comes at a defining moment for First HoldCo as the group intensifies efforts to reposition itself among Africa’s most formidable financial institutions.
At its forthcoming Annual General Meeting scheduled for May 29, 2026, shareholders are expected to consider plans for a major N253 billion capital raise — part of a broader strategy aimed at building a N1 trillion capital base through a combination of public offers, private placements, rights issues, bonus issues and other capital market instruments.
For market watchers, Otedola’s latest investment is being interpreted as a powerful vote of confidence in the institution’s transformation agenda and future earnings trajectory.
That optimism appears increasingly justified.
In its first-quarter 2026 financial results, First HoldCo delivered a remarkable 72.2 percent growth in pre-tax profit, rising to N321.1 billion from N186.4 billion recorded during the corresponding period in 2025.
The performance was driven by stronger core banking fundamentals, with interest income climbing to N704.4 billion, supported by robust earnings from customer loans, investment securities and interbank lending activities.
Non-interest revenue also posted impressive growth, as net fees and commissions advanced to N78.9 billion from N64.1 billion, helping push operating profit to N320 billion.
On the balance sheet side, total equity strengthened to N3.4 trillion, while retained earnings surged to N667.9 billion — developments analysts say could significantly enhance long-term shareholder value and dividend potential.
The broader market appears to be taking notice.
With a market capitalization now exceeding N3 trillion and cumulative trading volumes already crossing 2.4 billion shares this year, First HoldCo has rapidly emerged as one of the Nigerian Exchange’s most closely watched financial stocks.
For many investors, however, the story increasingly revolves around one man.
And with another N43 billion now committed to the institution, the market is once again witnessing what many have begun to describe simply as — The Otedola Effect.
