Femi Otedola’s aggressive accumulation of First HoldCo Plc shares has reached a point where the story is no longer simply about how much the billionaire is investing.
It is about how much of the bank he ultimately wants to own.
Otedola’s stake in First HoldCo, the parent company of First Bank, climbed to 27.49% after his latest purchase of 147.74 million shares for about ₦20.7 billion. The transaction, executed through Calvados Global Services Limited, followed several large purchases this year and pushed his holding above 12 billion shares.
In July, Otedola acquired another 1.78 billion First HoldCo shares for about ₦222.2 billion, while additional purchases in June and August continued to lift his position. By early August, reports had estimated his 2026 purchases at roughly ₦391 billion, while Otedola himself said he had invested more than ₦600 billion in First HoldCo overall.
That distinction matters. The ₦600 billion figure is his broader investment in the company, while the roughly ₦391 billion figure relates to disclosed purchases during 2026 before the latest transactions.
The most important number now may be 30%.
At 27.49%, Otedola is only 2.51 percentage points away from that mark. His continued purchases therefore have significance beyond the daily movement of First HoldCo’s share price.
But 30% should not be treated as an automatic takeover trigger without considering Nigeria’s applicable takeover rules, exemptions and regulatory requirements.
Otedola has indicated that he wants to take his ownership above 51%, a level that would give him majority control. Business Insider Africa reported earlier this month that he views the First HoldCo investment as similar to previous investments where he eventually sought controlling ownership.
The investment is becoming easier to understand when viewed against the bank’s financial recovery.
First HoldCo reported ₦653.54 billion in profit before tax for the first half of 2026, an 83.5% increase from ₦356.15 billion a year earlier. Its total assets reached ₦30.65 trillion, while customer deposits rose to ₦21.93 trillion.
The results came after a difficult 2025, when the group absorbed ₦826.3 billion in impairment charges linked largely to legacy non-performing loans. Its 2025 profit before tax fell sharply to ₦235 billion.
The rebound in 2026 therefore gives Otedola’s accumulation a powerful financial backdrop: he is increasing his exposure while the institution is reporting a dramatic improvement in profitability and efficiency.
This is where the First HoldCo story becomes bigger than one billionaire buying shares.
Otedola is effectively betting that a stronger First HoldCo can become significantly more valuable under a strategy in which he has much greater influence.
For existing shareholders, that creates both opportunity and uncertainty.
A larger Otedola stake could provide a powerful shareholder committed to long-term restructuring and value creation. But it also means investors must pay closer attention to governance, capital allocation, board dynamics and what a future controlling shareholder could mean for minority investors.
At 27.49%, Otedola has already demonstrated that he is willing to spend heavily to increase his influence.
The market’s next question is therefore no longer whether he believes in First HoldCo.
It is how far he intends to take that belief.
