Nigerian Billionaire Femi Otedola Deepens Banking Bet With $32 Million FirstHoldCo Share Purchase

Nigerian billionaire businessman Femi Otedola has significantly expanded his investment in the country’s banking industry after acquiring an additional 549.5 million shares in FirstHoldCo Plc, a transaction valued at approximately N43.41 billion ($31.9 million).

The latest acquisition strengthens Otedola’s grip on the financial institution, raising his total ownership stake in FirstHoldCo to 19.36%, according to a regulatory filing submitted to the Nigerian Exchange Limited.

The shares were purchased on May 13 at an average price of N79 per share, marking his largest single investment in the company since assuming the role of chairman in January 2024.

Following the deal, Otedola’s shareholding increased from 8.06 billion shares to 8.60 billion shares, reinforcing his position among the company’s most influential shareholders.

The move signals growing confidence in Nigeria’s evolving banking landscape at a time when financial institutions are undergoing recapitalisation and broader regulatory reforms aimed at strengthening the sector.

The billionaire investor has steadily increased his exposure to FirstHoldCo over the past few years. In September 2025, he expanded his holdings through the acquisition of an additional 64.87 million shares worth about N2.01 billion ($1.48 million). Those purchases, made both directly and indirectly through Calvados Global Services Limited, pushed his stake to 16.1%, up from 13.15% the previous year.

Otedola’s latest investment highlights his long-term confidence in the growth potential of Nigeria’s financial services industry, even as investors closely monitor shifts in the country’s capital markets and banking reforms.

Analysts say increased insider investments by high-profile business figures could also reinforce investor confidence in the sector amid changing economic conditions.