Nigerian billionaire Femi Otedola has expanded his investment in First HoldCo Plc after acquiring an additional 549.5 million shares worth approximately N43.41 billion, equivalent to about $31.9 million based on current exchange rates.
Details of the transaction were revealed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), which showed the purchase was completed on May 13 at an average price of N79 per share.
Following the latest acquisition, Otedola’s total stake in FirstHoldCo rose from 8.06 billion shares to 8.60 billion shares, increasing his ownership interest in the company to 19.36%.
The deal represents the largest single share purchase by Otedola since assuming the role of chairman of the financial institution in January 2024, further consolidating his position among the company’s leading shareholders.
This development comes after a series of previous investments that gradually boosted his holdings in the group. In September 2025, Otedola purchased another 64.87 million shares valued at around N2.01 billion, or roughly $1.48 million at prevailing exchange rates. Those acquisitions included both direct investments and indirect purchases made through Calvados Global Services Limited.
The September transactions had lifted his stake in the company to 16.1%, up from 13.15% a year earlier.
The new investment highlights Otedola’s increasing exposure to Nigeria’s banking industry as investors continue monitoring recapitalisation efforts and wider reforms within the country’s financial sector.