Otedola plans majority First HoldCo stake

Femi Otedola, chairman of First HoldCo Plc, has signaled his intention to increase his shareholding in the banking group to above 51%, up from his current stake of about 26%. In an interview with Nairametrics, Otedola disclosed that he has invested over N600 billion of his personal wealth in First HoldCo, describing it as a long-term generational commitment rather than a turnaround investment he would exit. He cited his previous investments in Forte Oil and Geregu nuclear power plant as examples of his strategy of acquiring controlling stakes. Otedola's comments come as First HoldCo recently became Nigeria's most valuable listed banking group, with its market capitalization surpassing N6 trillion. The group's shares have more than doubled this year, driven by improved fundamentals and investor confidence. Otedola also detailed the bank's turnaround, including a N1.7 trillion impairment charge to clean up legacy bad loans, recapitalization efforts, and governance reforms. He reported that First HoldCo's profit before tax rose 83.5% year-on-year to N653.4 billion in H1 2026, with return on average equity at 30.4%. Otedola dismissed speculation of an eventual exit, emphasizing the bank's systemic importance and his commitment to its long-term success.