West Africa’s 4th richest billionaire hits $530 million stake, tightening grip on Nigerian banking giant

Nigerian billionaire Femi Otedola saw the value of his stake in First HoldCo climb to approximately $530 million on July 15, 2026, following a major increase in share prices.

• Otedola has methodically accumulated about 9.29 billion shares over two years, now controlling a 20.42% stake with over N250 billion of personal funds invested.
• Femi Otedola's stake in First HoldCo surged to around $530 million after the stock price reached a record high on July 15, 2026.
• First HoldCo's share returns reached about 353% over three years, benefiting other shareholders but also raising expectations for the upcoming financial results.
• The company's impressive recent and anticipated financial results have strengthened investor confidence, as indicated by continued share price growth.

The stock rose by the maximum permitted daily limit of 9.98% to close at a record high of N79.35 on the local stock exchange.

This latest price rally has further solidified the position of the businessman as the single largest shareholder in the parent company of First Bank of Nigeria.

The recent stock market performance reflects strong investor confidence ahead of the company's upcoming second-quarter earnings release scheduled for July 24, 2026.

This anticipation follows an impressive first-quarter financial report, which showed a profit before tax of N321.1 billion or roughly $231 million.

Strategic accumulation of shares

Otedola has steadily increased his ownership in the financial institution over the past two years. After emerging as the largest shareholder in 2021 and assuming the role of chairman in January 2024, he executed a series of multi-billion naira stock purchases.

These transactions include a N14.8 billion purchase at N40.06 per share in December, a N43.4 billion open-market acquisition at N79 per share in May, and a N29.6 billion private placement at N44 per share in June.

Through these systematic investments, the billionaire has accumulated approximately 9.29 billion shares. This represents a 20.42 percent ownership stake in the financial services group. He has committed over N250 billion of his personal, non-leveraged funds to secure this position.

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Capital expansion and market returns

The rapid appreciation of the stock has delivered significant returns for other shareholders as well, with First HoldCo posting total returns of about 353 percent over a three-year period.

However, this sharp upward trajectory puts added pressure on the upcoming second-quarter financial results to match market expectations.

To support its growth and satisfy regulatory requirements, the financial institution is actively raising fresh equity to reach a target of N1 trillion in paid-up capital.

This level of capitalization is double the N500 billion minimum threshold mandated by the Central Bank of Nigeria for commercial banks maintaining international operations.

According to a report by Billionaires Africa, the private placement concluded in June has already pushed the group's share capital to N525.6 billion, positioning it safely above the regulatory baseline, while shareholders have approved raising an additional N253.1 billion.