By Ghazali Ibrahim
Chairman of First HoldCo Plc, Femi Otedola, says he has invested over N600 billion of his personal wealth in the financial services group and plans to increase his shareholding to more than 50 percent.
Speaking in an interview with Nairametrics, Otedola, who currently owns about 28.5 percent of the company, said the investment is a long-term commitment and not a short-term business move.
He explained that he prefers owning controlling stakes in companies because it allows him to implement reforms, strengthen corporate governance and create value for shareholders.
Otedola said First HoldCo is different from his previous investments in Forte Oil and Geregu Power, describing it as a “generational legacy” project.
He noted that the company has made significant progress since its restructuring, posting an 83.5 percent increase in profit before tax to N653.4 billion in the first half of 2026, while its market capitalisation has risen above N6 trillion.
The billionaire businessman also backed the ongoing banking recapitalisation programme, saying stronger banks are essential to supporting Nigeria’s economic growth and achieving its ambition of becoming a $1 trillion economy.
