Key Points

• Femi Otedola raises his stake in First HoldCo to 17.56% through a $10 million share purchase.

• Gross earnings surge to N2.55 trillion despite a modest decline in nine-month profit.

• Governance reforms and cost controls begin to strengthen assets and equity levels.

Nigerian billionaire Femi Otedola has increased his stake in First HoldCo Plc, the parent company of First Bank of Nigeria Limited, after acquiring additional shares valued at more than $10 million.

The purchase was made through Calvados Global Services Limited, one of Otedola’s investment vehicles.

The transaction strengthens his position as the single largest shareholder in the financial services group.

Details of the share acquisition

A regulatory disclosure shows that Otedola acquired 369,986,122 shares at N40.16 per share. The transaction is valued at about N14.82 billion, or $10.18 million.

Following the purchase, Otedola’s combined holdings rose from 6,742,471,831 shares, representing 16.1 percent as of Sept. 30, 2025, to 7,112,467,953 shares. His stake now stands at 17.56 percent.

At current market value, Otedola’s total investment in First HoldCo is worth about N303.35 billion, or $208.11 million.

Otedola is also chairman of Geregu Power Plc, one of Nigeria’s leading power generation companies.

Earnings rise as profit softens

First HoldCo’s nine-month 2025 financial results show mixed performance. Gross earnings climbed sharply, even as profit declined slightly.

The group reported net profit of N450.87 billion for the first nine months of 2025. That figure represents a 15.55 percent drop from N533.88 billion recorded in the same period last year.

Higher impairment charges, net asset losses, and increased depreciation and amortization costs weighed on the bottom line.

Gross earnings rose from N1.84 trillion in the first nine months of 2024 to N2.55 trillion this year.

The increase reflects strong growth in both interest and non-interest income, despite a more challenging operating environment.

Interest income grew to N2.29 trillion from N1.63 trillion a year earlier. Fee and commission income also increased, rising from N205.3 billion to N260.5 billion.

Governance reforms under Otedola

First Bank, Nigeria’s oldest commercial bank, operates as the flagship subsidiary of First HoldCo.

In recent years, governance failures and risky lending decisions weakened investor confidence and drew regulatory scrutiny.

Otedola became chairman of the group in January 2024. Since then, he has introduced cost-cutting and governance reforms aimed at restoring discipline and transparency.

One of his early actions was ending the use of private jets for executive travel at the bank’s expense.

The decision sent a clear signal about fiscal restraint and accountability. He also tightened oversight, clarified management responsibilities, and pushed for greater efficiency across the group.

Balance sheet shows steady improvement

The impact of those changes is beginning to reflect in the group’s balance sheet.

Total assets increased from N25.99 trillion as of Dec. 31, 2024, to N26.37 trillion by Sept. 30, 2025. Total equity rose from N2.79 trillion to N3.25 trillion over the same period.

Retained earnings also strengthened, climbing from N1.11 trillion to N1.53 trillion.

The figures suggest that First HoldCo is stabilizing under Otedola’s leadership. Stronger capital buffers, rising earnings, and tighter cost controls have helped rebuild confidence among investors and depositors in one of Nigeria’s most established financial institutions.