Billionaire Femi Otedola has boosted his ownership in First Bank of Nigeria Holdings Plc (First Holdco) to 17.56 percent through a N14.8 billion ($8.9 million) investment, acquiring over 369 million shares via his company amid preparations for the sector’s recapitalization drive.
The purchase, executed on December 18, involved Calvados Global Services Limited buying 369,986,122 shares at N40.06 apiece, according to stock exchange disclosures.
This elevates Otedola’s indirect holdings to 3,861,111,708 shares, or 9.22 percent, complementing his direct stake of 3,251,346,245 shares at 7.76 percent.
The move comes as Nigeria’s banking industry approaches a key deadline in early 2026 for bolstering capital reserves, with First Holdco advancing a private placement to fortify its position.
Analysts suggest Otedola’s growing influence may lead to enhanced financial oversight, including stricter loan recoveries and asset management, mirroring his approach in past ventures.
Recent insider transactions at the bank include a N2 billion share buy by a firm linked to Chairman Ebenezer Olufowose and N33.96 million by an entity tied to Group Managing Director Adebowale Oyedeji, signaling confidence ahead of regulatory changes.
First Holdco’s shares have surged 29 percent this month, trading at N42.65 following a rebound from November lows, with over 657 million shares exchanged in December.
The acquisition underscores Otedola’s ongoing consolidation in one of Africa’s largest financial institutions, potentially shaping its strategic direction amid economic pressures.
