Nigerian billionaire and business magnate, Femi Otedola, has significantly tightened his grip on First Bank Holdings Company (First HoldCo Plc) with a massive new share acquisition worth billions of naira.
Major Investment Strengthens Chairman's Position
In a strategic move to increase his influence, Femi Otedola has purchased an additional 369,986,122 shares of First HoldCo. The transaction, valued at approximately N14.8 billion, was executed on Wednesday, December 18, 2025, at a price of N40.06 per share.
This latest purchase was made through Calvados Global Services Limited, an investment vehicle linked to the billionaire. The acquisition was formally disclosed to the investing public via a corporate filing with the Nigerian Exchange Group (NGX) on Thursday, December 19. The notice was signed by the Group Company Secretary, Abiola Baruwa.
A Pattern of Growing Influence
This is not Otedola's first major share purchase in the financial holding company this year. The move follows a series of earlier acquisitions that have steadily increased his stake.
In September 2025, Otedola embarked on a similar buying spree. Records show he acquired:
- 64.87 million shares worth about N2.01 billion on September 25.
- This included a direct purchase of 39.3 million shares (worth ~N1.2 billion) on September 23.
- An indirect purchase of 25.6 million shares (worth ~N793.6 million) through Calvados Global Services on the same day.
These September transactions raised his ownership from 13.15% in September 2024 to 16.1%. The new N14.8 billion acquisition now pushes his total stake to above 18%, solidifying his status as a core investor and major shareholder in one of Nigeria's oldest financial institutions.
Strategic Context and Corporate Restructuring
Otedola's aggressive share accumulation coincides with a period of strategic refocusing for First HoldCo. The company recently completed the divestment of its merchant banking subsidiary, FBNQuest Merchant Bank Limited, to EverQuest Group.
According to the company, this sale is part of a broader plan to optimise capital allocation and improve efficiency. The goal is to channel resources and focus towards strengthening its core commercial banking operations under FirstBank. The funds from the divestment are expected to bolster FirstBank's capital base.
As Chairman, Otedola has framed such strategic decisions as steps necessary to "improve performance and create additional value for shareholders and other stakeholders." His increasing personal investment is seen by market watchers as a strong vote of confidence in this strategic direction and the company's future prospects.
The billionaire's net worth has also been on a corresponding upward trajectory. Recent data from Forbes indicates his wealth has grown to an estimated $1.6 billion, marking a $100 million increase within a month. His continued investment in First HoldCo is a key pillar of this expanding financial portfolio.
