Prominent Nigerian businessman and investor Femi Otedola has significantly increased his ownership position in First HoldCo Plc, according to the company's latest financial disclosures. The group chairman now holds an 18.12% stake in the financial holding company, marking a substantial expansion of his investment portfolio in the Nigerian capital market.
Detailed Breakdown of Shareholding Structure
First HoldCo's unaudited consolidated and separate financial statements for the year ended December 31, 2025, reveal that Otedola's combined direct and indirect shareholding stands at approximately 8.02 billion shares. The financial documents were formally signed by key executives including group managing director Adebowale Oyedeji, acting chief financial officer Wasiu Shafe, and group company secretary Abiola Baruwa.
Direct and Indirect Holdings Analysis
A closer examination of the shareholding structure shows that Otedola directly owns 3.25 billion shares, representing a 7.31% stake in the company's issued share capital. Additionally, he maintains an indirect interest of 4.8 billion shares, accounting for a further 10.81% stake. This comprehensive ownership position represents a notable increase from his 11.8% stake recorded at the conclusion of the 2024 financial year.
While Otedola's position has strengthened considerably, RC Investment Management Limited remains the single largest shareholder with 10.43 billion shares, equivalent to a 23.47% stake in First HoldCo.
Company's Capital Expansion and Market Position
The financial report indicates that First HoldCo's total issued share capital experienced significant growth, rising to 44.45 billion shares as of December 31, 2025. This represents a substantial increase from the 35.9 billion shares recorded at the end of the previous year.
At the close of the reporting period, First HoldCo's free float declined to N1.24 trillion, representing 58.34% of the total. This compares with N800.07 billion or 79.46% recorded in 2024. The company has confirmed that this free float level continues to meet the Nigerian Exchange requirements for firms listed on the premium board.
Strategic Investment Activities
In December 2025, Otedola executed a strategic acquisition of additional shares in First HoldCo valued at N14.8 billion, further consolidating his position within the company. This move aligns with his broader investment strategy and demonstrates confidence in the financial holding company's prospects.
It is noteworthy that First Bank Plc, the commercial banking subsidiary of First HoldCo, has successfully met the new capital requirement of N500 billion for an international banking licence. Otedola has publicly endorsed the Central Bank of Nigeria's recapitalisation policy and other regulatory measures, even proposing that the capital requirement for an international banking licence be elevated to N1 trillion.
The business magnate has emphasized that shareholders of First HoldCo remain committed to injecting additional capital into existing subsidiaries and exploring new business ventures, signaling continued growth ambitions for the financial group.
Contextual Investment Background
This development follows Otedola's recent divestment from Geregu Power Plc, where he sold his controlling 95% equity interest held through Amperion to MA'AM Energy Ltd in a transaction valued at N1.088 trillion. The deal, financed by a consortium of banks led by Zenith Bank Plc, effectively transferred control of the power generation company to the Abuja-based integrated energy firm.
Otedola's strategic portfolio adjustments reflect his dynamic approach to investment management in Nigeria's evolving financial landscape, balancing divestments with new acquisitions to optimize his business interests across multiple sectors.
