Otedola Tightens Grip on First Holdco with Increased Shareholding

BY Victoria otonyemeba
July 17, 2025
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Billionaire investor Femi Otedola has strengthened his grip on First Bank by acquiring a substantial stake in First Holdco Plc, the bank’s parent company.

Otedola purchased 10.47 billion units of shares worth ₦324.47 billion, increasing his stake from 15% to approximately 40%. This strategic move gives him significant control over Nigeria’s oldest bank.

The acquisition was executed through 17 separate deals on the Nigerian Exchange Limited (NGX), with First Securities Ltd acting as the buyer in most transactions.

Other parties involved included CardinalStone Securities Ltd, Meristem Stockbrokers Ltd, and Stanbic IBTC Stockbrokers Ltd.

This development is expected to bring stability to the bank after years of shareholder conflicts. However, First Bank still faces significant challenges, including raising ₦500 billion in new share capital before the Central Bank of Nigeria’s deadline.

The bank also needs to address non-performing loans of up to ₦1 trillion and comply with CBN directives to end forbearance.

As part of the deal, Oba Otudeko, the bank’s former chairman, sold over 20% of his shares, potentially paving the way for the withdrawal of criminal complaints against him.

Meanwhile, long-term shareholder Hassan-Odukale voluntarily exited the bank, selling 5% of their holdings in a separate mega transaction.