Nigerian billionaire Femi Otedola has further consolidated his influence over First HoldCo, the parent company of First Bank of Nigeria Limited, with a fresh acquisition of shares valued at more than $10 million. The move lifts his ownership stake to 17.56 percent, reinforcing his position among the country’s leading investors in the financial services sector.
Otedola, chairman of Geregu Power Plc, executed the purchase through one of his investment vehicles, Calvados Global Services Limited. According to a recent disclosure, he acquired 369,986,122 shares at N40.16 each, bringing the total value of his stake in the bank-holding company to approximately N303.35 billion ($208.11 million). Previously, Otedola held 16.1 percent of First HoldCo, equivalent to 6.74 billion shares.
The financial update comes amid a challenging operating environment. FBN Holdings, First HoldCo’s listed financial arm, recorded a net profit of N450.87 billion ($309.35 million) in the first nine months of 2025, marking a 15.55 percent decline from N533.88 billion ($366.31 million) in the same period of 2024. The drop was attributed to higher impairment charges, net asset losses, and increased depreciation and amortisation costs.
Despite the slight decline in net profit, gross earnings surged to N2.55 trillion ($1.76 billion) from N1.84 trillion ($1.27 billion) a year earlier. This growth was supported by strong performance in both interest and non-interest income. Interest income climbed to N2.29 trillion ($1.58 billion), while fee and commission income rose from N205.3 billion ($142.1 million) to N260.5 billion ($180.3 million), underscoring the bank’s ability to maintain profitability even in a tougher economic climate.
Since taking over as chairman of First HoldCo in January 2024, Otedola has implemented a series of reforms aimed at restoring investor confidence and improving corporate governance. He curtailed the use of private jets for executives, strengthened oversight mechanisms, and introduced stricter accountability measures across the bank’s operations.
The impact of these measures is evident in the group’s balance sheet. Total assets increased from N25.99 trillion ($18.1 billion) at the end of 2024 to N26.37 trillion ($18.4 billion) by September 2025. Total equity rose from N2.79 trillion ($1.94 billion) to N3.25 trillion ($2.26 billion), while retained earnings grew from N1.11 trillion ($773.7 million) to N1.53 trillion ($1.06 billion).
Otedola’s latest share purchase signals confidence in the bank’s long-term prospects and reflects a broader strategy to stabilise operations, strengthen the capital base, and enhance investor trust in one of Nigeria’s oldest and most respected financial institutions.
