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With this latest purchase, Otedola’s direct shareholding has risen to 3,251,346,245 shares, representing 7.76 percent of First HoldCo. His indirect stake, held through Calvados Global Services Limited and other vehicles, now stands at 3,491,125,586 shares, or 8.34 percent.
Combined, he controls about 16.1 percent of the company, up from 13.15 percent in September 2024, making him the single largest shareholder.
Buying More While Others Are Selling
One of the key reasons Otedola still sits at the top is timing. His latest stake increase came barely three months after two other powerful blocs, Oba Otudeko’s Barbican Capital Limited and Tunde Hassan-Odukale of Leadway Assurance, sold more than 10 billion shares they held in First HoldCo.
While some big-name investors chose to exit or reduce their exposure, Otedola went in the opposite direction. He used the opportunity to deepen his position. In a market where large blocs of shares matter for control and influence, being the only major investor consistently increasing his stake naturally keeps him ahead of the pack.
A Long-Term Play, Not a Quick Trade
Otedola’s behaviour over the last few years shows a clear pattern: enter, consolidate and hold. In 2024, he already lifted his stake in FBN Holdings (now First HoldCo) to more than 13 percent, putting him ahead of other well-known shareholders at the time.
The extra ₦2.01 billion he has just committed is a continuation of that long-term strategy. As chairman of the group, a strong equity position gives him weight in shaping the bank’s future, from board appointments to digital strategy, capital raising and regional expansion. For him, First HoldCo is not just another stock in a portfolio; it is a strategic asset that sits alongside other major holdings such as Geregu Power.
A Vote of Confidence in First HoldCo’s Future
Another simple reason he still has the largest stake is that he clearly believes in the bank’s long-term value. First Bank, the flagship subsidiary of First HoldCo, remains one of Nigeria’s most established financial brands, with deep roots in corporate banking, retail customers and government relationships.
By buying 39,313,379 shares at ₦31 each in his personal name and an additional 25,565,289 shares through Calvados Global Services on the same day, Otedola is effectively telling the market that he sees more upside ahead. In a climate of currency pressure, regulatory changes and rising costs, that kind of insider conviction sends a strong signal to other investors and can help support confidence in the stock.
Cleaner, Clearer Control After Years of Tussle
First HoldCo’s ownership structure has gone through intense scrutiny in recent years. There were public and boardroom disputes over who truly controlled the largest stake, especially during the tussle between Otedola and the Barbican camp. Regulatory checks and market disclosures forced all major shareholders to clarify their real positions.
In that context, Otedola’s holdings,openly reported to the Nigerian Exchange and backed by official filings, stand out as one of the most clearly defined and stable blocs on the register. That transparency gives his stake extra weight. It is not just about how many shares he owns, but how clean and confirmed those holdings are.
Fitting Into His Bigger Business Story
Otedola’s dominance in First HoldCo also fits into the wider story of his career. After stepping back from oil marketing and exiting Forte Oil/Ardova, he has repositioned himself as a major player in power, finance and philanthropy. Geregu Power is listed on the exchange and attracts global institutional investors, while First HoldCo gives him a strong foothold in mainstream banking.
Maintaining the biggest stake in First HoldCo reinforces his image as a long-term builder in key sectors of the Nigerian economy, not just a trader looking for quick profits. Selling down after fighting for influence would contradict that image. Instead, by adding another ₦2.01 billion to his position, he is sending a clear message that he is in it for the long haul.
Why He Remains On Top
In the end, Femi Otedola still has the highest stake in First HoldCo because he has done three things consistently: he bought aggressively when others slowed down or sold; he held on when rival blocs exited; and he aligned his ownership with a clear, long-term strategy for control and value creation.
His 16.1 percent stake is the result of calculated moves over several years rather than one-off speculation. Unless another investor is ready to commit similar levels of capital, patience and openness, Otedola’s position as the largest shareholder in First HoldCo is likely to remain secure for some time.
