Femi Otedola Acquires Additional N2 Billion Shares in FirstHoldCo
- Business
- 25.09.2025
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- 17
Femi Otedola Acquires Additional N2 Billion Shares in FirstHoldCo
Nigeria’s billionaire businessman, Femi Otedola, has further strengthened his influence in Nigeria’s financial sector by acquiring an additional N2 billion worth of shares in FirstHoldCo, the parent company of First Bank Nigeria Limited. This acquisition signals his commitment to expanding his stake in one of Nigeria’s oldest and largest financial institutions.
According to official filings on the Nigerian Exchange Limited (NGX), Otedola purchased 39,313,379 shares at N31 per share on September 23, amounting to a deal valued at approximately N1.21 billion.
On the same day and at the same price per share, Calvados Global Services Limited—a company linked to Otedola—acquired an additional 25,565,289 ordinary shares worth about N792.5 million.
Following the latest acquisitions, Otedola’s direct shareholding has now risen to 3,251,346,245 units (representing 7.77%), while his indirect holdings stand at 3,491,125,586 units (representing 8.34%). Combined, his total stake amounts to 6.742 billion shares, which, at the current market price of N31 per share, is valued at approximately N209 billion.
FirstHoldCo’s stock has been performing strongly, hitting a 52-week high of N37.5 per share, compared to a 52-week low of N23.05.
The Securities and Exchange Commission (SEC) had earlier granted a “no objection” to a significant N323.45 billion off-market deal involving FirstHoldCo shares on July 16, 2025.
This transaction involved the transfer of over 10.4 billion shares in FirstHoldCo by entities associated with Oba Otudeko and Tunde Hassan-Odukale to RC Investment Management. RC Investment has since been identified as a trustee operating under an arrangement coordinated by the Central Bank of Nigeria (CBN) and FirstHoldCo.
In its June 19 note, FirstHoldCo reassured shareholders that it would continue its dividend payment policy. The company also addressed concerns raised by the CBN’s regulatory circular regarding the Single Obligor Limit (SOL) and credit facilities.
According to the statement, the SOL breach of First Bank of Nigeria Limited—its primary subsidiary—was linked to foreign currency loans of two major customers following a 200% currency devaluation in 2023/2024. However, the bank is implementing corrective measures, including a capital raise in the second half of 2025, to address the issue.
The company highlighted that its forborne loans relate to syndicated facilities tied to industry exposures. The consortium of lenders is actively working to re-tenor these facilities in line with cash flows, as most assets have returned to active production and are generating substantial revenue.
Furthermore, receivables awaiting payment from government agencies are being pursued. Syndicate lenders aim to conclude these processes within the current financial year. Any loan not fully re-tenored will be provisioned and exited from forbearance.
As a well-diversified financial holding company, FirstHoldCo reaffirmed its commitment to sustaining dividend payments in 2025 and beyond, demonstrating its dedication to the interests of stakeholders and investors.
