First HoldCo Chairman Femi Otedola has disclosed plans to raise his shareholding in the financial services group beyond 50 per cent, describing the investment as a long term and generational commitment.
Otedola said he had invested more than N600 billion of his personal funds in the group and currently held a 28.5 per cent stake. He explained that his investment strategy generally favoured firm shareholder control, while protecting minority interests, to support major reforms and long term value creation.
He said First HoldCo differed from earlier investments such as Forte Oil and Geregu Power because of the bank’s 130 year history and importance to Nigeria’s financial system. According to him, the institution had undergone governance reforms, leadership renewal, recapitalisation and a major clean up of legacy exposures.
Otedola said the group recorded an 83.5 per cent year on year increase in profit before tax to N653.4 billion in the first half of 2026, while return on average equity rose to 30.4 per cent. He added that the company’s market capitalisation had moved above N6 trillion as investor confidence improved.
He said the board intended to reward shareholders through stronger dividends while retaining sufficient capital for expansion, innovation and regulatory requirements. His stated ambition is to leave behind a stronger institution recognised for sound governance, operational excellence and sustainable growth.
