Why Otedola Increased His First HoldCo Stake to 25.88%

Femi Otedola has increased his stake in First HoldCo to 25.88%, moving closer to the 30% threshold that could trigger a mandatory offer to other shareholders under SEC rules. The move reflects confidence in the group’s outlook. First HoldCo reported ₦653.5 billion in profit before tax for the first half of 2026, reinforcing its position among Nigeria’s strongest banking groups. As board chairman, a larger shareholding could give Otedola greater influence over governance reforms, cost controls and the group’s strategic direction. It also signals support for First Bank’s efforts to meet the Central Bank of Nigeria’s recapitalisation requirements.

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