Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has disclosed plans to increase his stake in the financial services group beyond 50 per cent after investing more than ₦600 billion of his personal wealth in the institution. Otedola, who currently holds a 28.5 per cent stake, said his long-term investment strategy is built […]
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Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has disclosed plans to increase his stake in the financial services group beyond 50 per cent after investing more than ₦600 billion of his personal wealth in the institution.
Otedola, who currently holds a 28.5 per cent stake, said his long-term investment strategy is built around acquiring controlling interests that allow him to implement major reforms and create sustainable value for shareholders.
He said First HoldCo is a generational investment and dismissed suggestions that he may sell his stake after completing the institution’s turnaround.
According to him, the group’s 130-year history, importance to Nigeria’s financial system and recent governance reforms make it different from his previous investments.
Otedola said he decided to invest in First HoldCo after identifying its underlying value despite governance challenges, insider abuses and more than ₦2 trillion in non-performing loans before the Central Bank of Nigeria intervened in 2021.
He noted that the institution has since undergone major reforms, including stronger risk management, leadership changes, recapitalisation and a one-off ₦1.7 trillion impairment charge to clean up legacy exposures.
The reforms, he said, have started yielding results, with First HoldCo’s profit before tax rising by 83.5 per cent to ₦653.4 billion in the first half of 2026.
Otedola added that the company’s market capitalisation has exceeded ₦6 trillion, reflecting improved performance and stronger investor confidence.
He said the board remains committed to rewarding shareholders through higher dividends while retaining enough capital to support expansion.
Otedola also argued that stronger banks are essential to Nigeria’s ambition of building a $1 trillion economy, stressing that well-capitalised financial institutions are needed to finance long-term development.
He said his goal is to transform First HoldCo into a leading institution known for strong governance, innovation, operational excellence and sustainable value creation.
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