Femi Otedola has further strengthened his position in First HoldCo after increasing his investment in the company to an estimated ₦1.47 trillion, making him the largest individual shareholder in the financial institution.
The latest acquisition highlights Otedola’s growing confidence in the bank and reinforces his influence over one of Nigeria’s oldest and most respected financial institutions. His continued investment has also attracted the attention of investors across the Nigerian capital market, where First HoldCo has experienced strong growth in recent weeks.
With his stake now believed to have crossed the 30 percent threshold, market watchers are focusing on the next possible step under Nigeria’s investment regulations. According to the Investments and Securities Act and the Securities and Exchange Commission (SEC) rules governing mergers and acquisitions, any shareholder who acquires 30 percent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to the remaining shareholders.
This rule is designed to protect minority investors by giving them an opportunity to sell their shares if a single investor gains significant control of a listed company. Whether such an offer will be made by Otedola will depend on regulatory processes and the specific circumstances surrounding the acquisition.
The development comes shortly after First HoldCo achieved another major milestone in the Nigerian banking industry. The company recently became the country’s most valuable banking stock by market capitalisation, overtaking Zenith Bank after a sustained rise in its share price on the Nigerian Exchange.
The impressive rally in the bank’s stock has been driven by growing investor confidence, improved market sentiment and expectations of stronger financial performance. Analysts believe the company’s strategic direction and renewed investor interest have contributed to its remarkable market value growth.
Otedola has steadily increased his ownership in First HoldCo over the past few years, positioning himself as a key figure in the bank’s future. His investments have been viewed by many market participants as a vote of confidence in the institution’s long-term prospects.
The banking sector has remained one of the strongest performers on the Nigerian Exchange this year, with investors showing increased interest in leading financial institutions that continue to report healthy earnings and expand their operations.
Industry experts say Otedola’s larger stake could influence the company’s future decisions, corporate strategy and governance. At the same time, any regulatory actions regarding a mandatory takeover offer will be closely monitored by shareholders and market regulators.
As First HoldCo continues to enjoy strong momentum in the stock market, investors will be watching how the company builds on its recent success. The combination of rising market value, stronger investor confidence and the backing of one of Nigeria’s most prominent businessmen has placed the financial institution in a stronger position within the country’s competitive banking industry.
Otedola’s latest investment marks another significant chapter in the evolution of First HoldCo and reflects the increasing confidence in Nigeria’s banking sector despite the changing economic environment.
