Femi Otedola now owns 18.12% stake in First HoldCo

Businessman Femi Otedola has increased his ownership in First HoldCo Plc to 18.12%, a jump that strengthens his position inside the holding company that controls First Bank of Nigeria and other financial subsidiaries.

The new figure appeared in First HoldCo’s unaudited financial statements for the year ended Dec. 31, 2025, filed with the Nigerian Exchange. The disclosure puts Otedola’s combined direct and indirect holdings at 8.06 billion shares, up from 11.8% a year earlier, according to the company’s shareholding schedule.

The filing shows Otedola directly owns 3.25 billion shares, equal to 7.31% of the company. His indirect stake, held through investment vehicles, totals 4.80 billion shares, or 10.81%. Together, the two positions make him one of the most influential investors in the group, even as another shareholder remains larger on paper.

RC Investment Management Ltd is listed as the biggest substantial shareholder, holding 10.43 billion shares, or 23.47%, the same schedule shows. The company also lists Barbican Capital Limited with 3.11 billion shares, or 8.67%, among shareholders with stakes above 5%.

Otedola’s expanding position comes during a period of rapid changes in the company’s capital structure. First HoldCo’s issued share capital rose to 44.45 billion shares in 2025 from 35.90 billion shares in 2024, the filing shows. The increase followed a private placement that raised 83.7 billion naira, and the new shares were listed on Jan. 5.

The buying spree has played out against a wider recapitalisation push in Nigeria’s banking industry. The Central Bank of Nigeria launched a two year programme in 2024 that lifts minimum capital requirements for banks, with compliance due by March 31, 2026. As lenders raise fresh money, big shareholders often move quickly to protect their stakes.

The larger share base means investors have been watching closely for dilution and for signs that major holders will keep buying. In late 2025, BusinessDay reported that Otedola bought additional shares valued at 14.8 billion naira, pushing his stake above 18% at the time. Premium Times earlier reported his combined holding had reached about 12% after purchases in September 2025.

First HoldCo said its free float, the portion available for public trading, stood at 58.34% with a value of 1.24 trillion naira, compared with 800.07 billion naira a year earlier. The company said it remains in compliance with Nigerian Exchange requirements on free float.

Otedola, known for stakes in energy and consumer businesses, has increasingly centered his public market activity on the banking group. His rise as a major shareholder has coincided with a reshaping of ownership, as rival bloc holders have sold down positions in recent months.