Billionaire Businessman Femi Otedola acquires additional shares worth N1.2 billion from FirstHoldCo
Nigeria’s billionaire businessman and the Chairman of FirstHoldCo, Femi Otedola, has increased his equity stake in the company by purchasing an additional 39,313,379 units at N31 per share, valued at N1.21 billion.
This acquisition was disclosed through the Nigerian Stock Exchange filings (NGX) with the identifier code NGFBNH000009, which showed that Otedola bought the shares on September 23, 2025.
It was also revealed that another company under Femi Otedola, Calvados Global Services Limited, also made the same acquisition on the same day, same transaction code, and with the same price of N31 per share to acquire 25,565,289 ordinary shares worth N792.5 million.
Following this acquistion, Femi Otedola’s direct shareholding has now risen to 3,251,346,245 units (7.77 percent), and his indirect holdings are at 3,491,125,586 units (8.34 percent). This takes Otedola’s 6.742 billion units to a value of N209 billion.
Femi Otedola made the news in August following the viral wedding of his daughter Temi Otedola to popular Nigerian singer Mr. Eazi.
FirstHoldCo, the parent company of First Bank Nigeria Limited, through its June 19 note, spoke on its dividend payment policy and the plans to sustain it.
FirstHoldCo said, “In respect of the Central Bank of Nigeria’s (CBN) circular with reference BSD/DIR/CON/
LAB/018/008 concerning regulatory forbearance in respect of Single Obligor Limit (SOL) and other credit facilities, First HoldCo Plc wishes to provide the following clarifications: The SOL breach of our primary subsidiary, First Bank of Nigeria Limited, is related to two customers with foreign currency loans arising from over 200 percent currency devaluation in 2023/2024.
“With the planned completion of the capital raise in the second half of 2025 among other measures, the bank will cure the breach in this regard. Furthermore, the bank’s forborne loans are in respect of syndicated facilities that are industry exposures. The consortium of lenders is working to re-tenor the facilities to align with their cashflows as all the assets are back to active production and generating appreciable revenue.
“Some also have receivables that are awaiting payment from relevant agencies of government. Syndicate lenders will ensure the processes are concluded within the current financial year. Any loan not fully re-tenored will be fully provisioned and exit forbearance.
“As a well-diversified financial holding Company, FirstHoldCo will sustain its dividend payments in 2025 and beyond as we remain committed to our esteemed stakeholders.”
The company chaired by Femi Otedola, through its half-year financial report, declared a pretax profit of N356.1 billion.
A look at FirstHoldCo’s shares shows its movement trend in 2025. The stock opened at N28.05 per share in January and closed at a higher price of N29.95. However, it experienced a decline from February to April, with the price falling below N25 per share.
The share price stalled in May before hitting a strong rebound in June and July, with the price shooting up from N25.50 to N32.25 on a 408.2 million share market volume.
It maintained a slight increase from August to September, but by the close of trading on September 24, the price had relaxed to a daily support zone between N30 and N31.
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