Femi Otedola's First HoldCo Stake Hits 20.42% as Investment Value Jump
- Femi Otedola raised his shareholding in First HoldCo Plc to 20.42% after buying 680 million additional shares through a private placement
- Otedola purchased the shares at N44 each, below the company's July 18 closing price of N61, according to market sources
- First HoldCo reported a record pre-tax profit of N653.54 billion for the first half of 2026, an 83.5% jump from the same period in 2025
Femi Otedola, Chairman of First HoldCo Plc, has deepened his hold over Nigeria's most valuable banking stock after buying an additional 680.8 million shares through a private placement, pushing his ownership to 20.42% and lifting the market value of his stake to roughly N1.05 trillion.
The acquisition was completed at N44 per share, a price below the company's July 18 closing figure of N61, according to market sources familiar with the deal.
Source: UGC
Total spending on the new shares came to about N30 billion, with Otedola and one other institutional investor together taking up approximately 90% of the N45 billion placement.
A source said:
"The private placement has been completed, and Mr Otedola acquired about 680.8 million shares, investing about N30 billion in the HoldCo. Another institutional investor who is already a shareholder acquired most of the remaining shares."
How Otedola's Stake Has Grown
The billionaire's position in First HoldCo has expanded sharply over the past 12 months.
At the close of June 2025, he held 6.68 billion shares worth 15.95% of the company, at a time when the stock traded at N26. By March 2026, his holding had grown to 8.06 billion shares, or 18.12%, with the share price at N50.
BusinessDay reports at the end of June 2026, his stake stood at 9.28 billion shares, representing 20.40% ownership, before the latest placement added a further 680.8 million shares.
With his estimated post-acquisition holding of 9.96 billion shares and an intraday price of N105.50 on Monday, the total value of his investment stands at approximately N1.05 trillion, placing it among the largest individual equity positions on the Nigerian Exchange.
The private placement also lifted First HoldCo's share capital to N525.6 billion, clearing the Central Bank of Nigeria's N500 billion minimum capital requirement for banks holding international licences.
Source: Getty Images
Strong Earnings Drive Share Price Rally
First HoldCo's stock surge which has helped Otedola increase his net worth, has been driven partly by a strong financial performance in the first half of 2026. The group posted a pre-tax profit of N653.54 billion for the period, up 83.5% from N356.15 billion in the same six months of 2025.
Profit after tax climbed 81.57% to N526.13 billion, while second-quarter pre-tax profit nearly doubled to N332.42 billion.
The results pushed the share price up 10% in intraday trading to N105.50, and the company's market capitalisation rose to about N4.8 trillion, making it the highest-valued banking stock on the exchange.
Otedola buys London mansion
Earlier, Legit.ng reported that Nigerian billionaire Businessman Femi Otedola has added a N98billion (£53 million) mansion to his portfolio of international real estate holdings.
According to records from UK property filings, Otedola is the new owner of a lavish property located in London's St John's Wood district.
Bloomberg reports that the 10-bedroom house located a short distance from Regent's Park was bought in late 2025, and it is in one of London's most elite residential addresses.
Source: Legit.ng
