Femi Otedola Increases Stake in First HoldCo to 18%

Femi Otedola, the Executive Chair of First HoldCo Plc, has raised his total ownership in the financial services company to 18.1%, according to the unaudited financial statement for 2025 disclosed on Friday.

As of December 31, 2025, Otedola's direct ownership was recorded at 7.3% or 3.3 billion shares, with an additional indirect stake estimated at 10.8%, totaling 4.8 billion shares.

In total, Otedola's shareholding equates to approximately 8.06 billion shares.

Earlier in December, Otedola secured 370 million shares at N40.1 each in the holding company, which involved a financial outlay of N14.8 billion.

He acquired these shares through his special purpose acquisition vehicle, Calvados Global Services Limited, according to a regulatory filing. Estimates prior to this transaction indicated that his stake stood at 16.9%.

Additionally, in the same period, Otedola divested his majority share in Geregu Power Plc in a deal valued at $750 million, financed by a consortium led by Zenith Bank.

Insiders revealed following the divestment that Otedola seeks to further invest his wealth in the financial sector.

First HoldCo's recent private placement report from December 31, 2025, indicated receipt of ten applications from unidentified investors for a total of 2.6 billion shares, all of which were fully allotted.

This private placement increased First HoldCo's total issued and fully paid shares from 41.9 billion to 44.5 billion units.

In September 2025, Otedola purchased 64.9 million shares valued at N2 billion within the banking group, which included direct shares worth N1.2 billion and additional shares acquired via Calvados valued at approximately N792.5 million.

By mid-year 2025, he held a total of 3.2 billion shares directly and 3.5 billion shares indirectly in the entity, as outlined in First HoldCo's financial report for that period.

In July 2025, rival stakeholders Oba Otudeko and Oye Hassan-Odukale sold their substantial holdings in First HoldCo under sudden circumstances.

It was reported that around 10.4 billion shares, representing almost 25% of the company’s entire ordinary shares, were transacted off-market through 17 deals in a single day. The transactions involved sellers from Barbican Capital Limited and Leadway Group, with RC Investment Management Limited as the purchaser.

Otudeko heads Barbican Capital Limited, while Odukale serves as CEO of Leadway Assurance Company Limited.