Otedola Acquires N43.4bn FirstHoldCo Shares, Stake Rises to 19.35%

Femi Otedola tightened his grip on First HoldCo Plc on Wednesday, acquiring additional shares worth approximately N43.41 billion in what analysts are calling his largest single transaction since taking the chairman’s seat in January 2024.

The billionaire businessman disclosed the purchase through a regulatory filing submitted to the Nigerian Exchange (NGX), sending a clear signal about his long-term confidence in the bank’s prospects. With the new acquisition, Otedola’s cumulative stake in First HoldCo — the holding company of First Bank of Nigeria — has climbed to 19.35 per cent.

Biggest Buy Since He Took the Chair

Otedola became chairman of First HoldCo in January 2024 after a protracted boardroom tussle that gripped Nigeria’s banking sector. Since then, he has steadily built his position through a series of open-market purchases. But Wednesday’s deal dwarfs them all. At N43.41 billion, it is not just a vote of confidence — it is a statement.

First HoldCo shares have been among the more closely watched stocks on the NGX, with retail investors tracking every move by major shareholders. Otedola’s latest buy is likely to stoke fresh interest in the counter.

Filing Obligations and Transparency

Under NGX rules, directors and substantial shareholders must disclose any acquisition or disposal of shares within 24 hours. Otedola’s filing was prompt, arriving the same day as the transaction. The disclosure named the Nigerian Exchange as the regulated market where the shares were purchased.

First HoldCo is the parent company of First Bank of Nigeria, one of the country’s oldest and largest commercial banks, with over 130 years of banking history. The bank has undergone significant governance reforms in recent years, reforms Otedola has publicly backed since becoming chairman.

What It Means for Investors

Holding 19.35 per cent of a major financial holding company puts Otedola among the most consequential voices in First HoldCo’s boardroom. His continued accumulation of shares through the open market — rather than private placements — means he is buying at the same prices available to ordinary investors, which some analysts read as a bullish signal.

First HoldCo’s stock performance on the NGX will likely see heightened attention in the coming trading sessions following the disclosure. For smaller investors, Otedola’s move often functions as a market signal, given his track record across multiple sectors of the Nigerian economy.

Sources: Channels Television, Premium Times, Leadership