KEY POINTS
- Femi Otedola lifted his holding in First HoldCo to 17.56 percent.
- First HoldCo posted higher revenue despite lower net profit.
- Balance sheet growth points to early gains from governance reforms.
Nigerian billionaire Femi Otedola has increased his ownership in First HoldCo, strengthening his grip on the parent company of First Bank of Nigeria with a fresh share purchase valued at more than $10 million.
The transaction, disclosed in a recent regulatory filing, shows Otedola buying additional shares through Calvados Global Services Limited, one of his investment vehicles. The move lifts his total holding to 17.56 percent, up from 16.1 percent at the end of September 2025, reinforcing his position as the group’s largest individual shareholder.
Accoridng to Billionaire Africa, Otedola, who also chairs power producer Geregu Power Plc, acquired 369,986,122 shares at N40.16 each. The shares are now valued at about N14.82 billion, or $10.18 million. His combined stake stands at 7.11 billion shares, with a market value of roughly N303.35 billion, equivalent to $208.11 million.
Earnings climb as costs bite
The increased investment comes as First HoldCo navigates mixed financial results. In its nine-month financial statement for 2025, the group reported net profit of N450.87 billion, down 15.55 percent from a year earlier. The decline was linked to higher impairment charges, net asset losses and rising depreciation and amortization expenses.
Revenue growth remained firm. Gross earnings rose to N2.55 trillion from N1.84 trillion in the same period of 2024. Interest income climbed to N2.29 trillion from N1.63 trillion, while fee and commission income increased to N260.5 billion from N205.3 billion. The figures highlight resilience in core banking income despite tighter conditions.
Leadership reshapes the bank
First Bank, the country’s oldest lender, has been rebuilding credibility after years of governance lapses and loan losses that weakened confidence. Otedola was appointed chairman of the holding company in January 2024 and quickly introduced changes aimed at tightening controls and cutting excess spending.
Among his early actions was ending executive travel by private jet at the bank’s expense. He also pushed for clearer accountability and closer oversight across subsidiaries. Those steps have begun to reflect in the balance sheet.
Total assets grew to N26.37 trillion by Sept. 30, 2025, from N25.99 trillion at the end of 2024. Total equity rose to N3.25 trillion from N2.79 trillion, while retained earnings increased to N1.53 trillion from N1.11 trillion.
The steady gains suggest that investor confidence is returning as reforms take hold. For Otedola, the latest purchase underlines confidence in the strategy and signals a long-term commitment to strengthening the institution. The growing Femi Otedola First HoldCo stake places him at the center of one of Nigeria’s most closely watched banking turnarounds.
