Precedents in Forte Oil and Geregu Power
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has revealed plans to build a controlling stake of more than 51% in the financial institution. He explained that majority ownership is essential for executing the necessary reforms and restructuring to create long-term value.
Speaking in an exclusive interview with Nairametrics, Otedola noted that his investment philosophy centers on acquiring controlling interests in businesses. He pointed to his successful transformations of Forte Oil Plc and Geregu Power Plc as clear evidence of this strategy.
Otedola explained that he gradually increased his ownership in African Petroleum Plc, later renamed Forte Oil Plc, from 28% to 75% before selling the business in 2019. He followed a similar path at Geregu Power Plc, raising his stake from 51% to 95% before reducing it to 77% after the company listed publicly in 2022.
The billionaire confirmed that First HoldCo is on the same trajectory, emphasizing that firm shareholder control while protecting minority interests is key to delivering value to all stakeholders.
Over N600 Billion Invested in First HoldCo
To date, Otedola has invested more than N600 billion of his personal wealth in First HoldCo. He described this massive capital injection as a reflection of his confidence in the institution's fundamentals rather than market speculation.
The group has focused on strengthening its risk management and credit control framework. This follows the impairment of more than N3 trillion in loans over the past decade.
Otedola expressed confidence that the company is now positioned for sustainable growth and stronger returns on the back of improved transparency, accountability, and trust.
Recent Share Acquisitions and Market Milestones
In July 2026, Otedola executed two major transactions that pushed his stake to 25.87%. On July 22, 2026, he acquired 706.13 million ordinary shares worth approximately N77.6 billion.
On July 30, 2026, he acquired an additional 1.779 billion ordinary shares worth approximately N222.2 billion. These acquisitions raised his total beneficial shareholding to 11.76 billion shares, valued at approximately N1.47 trillion ($1 billion) at the purchase price of N124.90 per share.
This aggressive buying contributed to First HoldCo hitting a N6 trillion market capitalization during trading on August 3, 2026. With a share price of N136.50 and 45.48 billion shares outstanding, the group's market value reached N6.21 trillion, making it Nigeria's most valuable listed banking group. This comes shortly after the company crossed the N5 trillion threshold on July 22, 2026, when shares traded between N112 and N113.
