Nigerian billionaire Femi Otedola has seen the value of his investment in First HoldCo Plc rise to about $530 million, following a sharp rally in the company's share price. On July 15, 2026, First HoldCo shares gained the maximum daily limit of 9.98%, closing at an all-time high of N79.35 on the Nigerian Exchange.
Otedola's Stake and Investment Strategy
The surge further strengthens Otedola's position as the largest shareholder in the parent company of First Bank of Nigeria. He now owns approximately 9.29 billion shares, representing a 20.42% stake in the financial services group. Overall, he has invested more than N250 billion of his personal funds, without relying on borrowed capital, to build his ownership position.
Otedola has consistently increased his stake in First HoldCo over the past two years through a series of major share acquisitions. After becoming the company's largest shareholder in 2021 and taking over as chairman in January 2024, he intensified his investment strategy with several high-value transactions. These included a N14.8 billion share purchase at N40.06 per share in December, a N43.4 billion open-market acquisition at N79 per share in May, and a N29.6 billion private placement at N44 per share in June.
Market Rally and Earnings Outlook
The latest market rally comes as investors position ahead of the company's second-quarter 2026 earnings, due for release on July 24. Market optimism has been driven by the group's strong first-quarter performance, which recorded a profit before tax of N321.1 billion (about $231 million). According to Victor Enengedi, Legit.ng's Business HOD, the combination of strong financial results, fresh capital injections, and sustained investor confidence has continued to drive demand for First HoldCo shares.
Capital Raise Strengthens Balance Sheet
The company's recent private placement, completed in June, increased its share capital to N525.6 billion, comfortably exceeding regulatory capital requirements. In addition, shareholders have approved plans to raise another N253.1 billion, providing the financial institution with additional capital to support future growth and strengthen its balance sheet.
