Billionaire investor Femi Otedola has tightened his control of First HoldCo Plc, acquiring additional shares worth N43.1 billion in a massive off-market transaction on the Nigerian Exchange on Wednesday, May 13, 2026.
The acquisition involved approximately 546 million units at an average price of N79 per share, significantly increasing Otedola’s direct and indirect holdings in the financial services group to nearly 20%.
Consequently, Olufemi Otedola’s stake in First HoldCo Plc has climbed from 8,055,314,486 units reported in 2025 audited accounts to 8,604,850,139 following the latest acquisition.
First HoldCo plc is the parent company of First Bank Nigeria, a commercial bank with branches across Africa.
Market data confirms the trade accounted for over 85 percent of the day’s total turnover on the NGX. This move reinforces Otedola’s position as the group’s largest individual shareholder following his 2023 chairmanship
Otedola’s recent accumulation follows a similar N18.9 billion purchase in early 2026. This trend highlights a growing consolidation of ownership among Nigeria’s Tier-1 banks as regulatory pressures reshape the domestic financial landscape.
In July 2025, two key stakeholders including a former chairman of First bank sold off their significant shares and exited the company in July 2025 after a series of boardroom disputes, thereby increasing Otedola’s influence in the company.
First Bank had suffered a significant setback in 2025 fiscal year, forcing Otedola to admit that the company lost 92% of its 2025 profit to bad loans, which were only discovered in the 4th quarter of 2025.
First HoldCo’s stock reacted positively to the news, gaining 3.5% to close at N81.80.
