Mr. Femi Otedola increased his stake in First HoldCo Plc to 18.12% in 2025, making him one of the group’s largest substantial shareholders, having accumulated 3.82 billion additional units.
The increase was disclosed in the holding company’s 2025 financial statement, published on the Nigerian Exchange on January 30, 2026.
According to the filing, Otedola now holds a total of 8.05 billion First HoldCo shares, representing a year-on-year increase of over 90% from 4.23 billion units, or an 11.8% stake, recorded in 2024.
The move places him among only two shareholders with units above 5%, alongside RC Investment Management Limited, which controls a 23.47% stake.
What the financial statement is saying
The financial statement indicates that Mr. Femi Otedola held 3.25 billion direct shares in First HoldCo as of December 2025, representing a 7.31% direct stake.
- This represents a year-on-year increase of over 92%, rising from 1.68 billion shares, or a 4.71% stake, held in the 12 months ended December 2024.
- His indirect shareholding also climbed sharply to 4.80 billion units by December 31, 2025, equivalent to a 10.81% stake.
- This compares with 2.54 billion units, or 7.09%, held in 2024, representing an 88.8% year-on-year increase.
- Combined, Otedola’s total interest now stands at 18.12%, positioning him as one of the two largest substantial shareholders in the group, alongside RC Investment Management Limited, which holds a 23.47% stake.
- RC Investment is a Special Purpose Vehicle (SPV) linked to Renaissance Capital and used to acquire shares from Barbican Capital.
The increase in shareholding reflects Otedola’s increasing ownership control in First HoldCo, with his latest purchase involving an indirect share acquisition worth N14.8 billion in December 2025.
Get up to speed
In mid-December 2025, Calvados Global Services Limited, a company owned by major shareholder Mr. Olufemi Otedola, acquired shares worth N14.8 billion in First HoldCo.
- According to a disclosure published on the Nigerian Exchange, Calvados purchased 369,986,122 shares at N40.06 per share.
- The transaction, tagged NGFBNH000009, pushed total daily trading volume to 385.6 million shares, highlighting the surge in market activity around the stock.
- The increase in volume was accompanied by strong price movement, with First HoldCo shares rising from around N40 to N53 by December 24, 2025, contributing to a month-to-date gain of 54% on the Nigerian Exchange.
- For the full year, First HoldCo delivered a 70.77% gain, closing at N47.90 from N28.05.
- Mr. Otedola also recently exited his ownership stake in Geregu Power in a deal said to be worth $750 million.
What to know
First HoldCo’s stock rose 70.77% in 2025, closing at N47.90, supported by strong trading and a major December share purchase by Femi Otedola.
- Otedola’s total stake now stands at 18.12%, making him one of the company’s two largest shareholders alongside RC Investment Management Limited.
- FirstHoldCo recently released its unaudited Consolidated and Separate Financial Statements for the year ended December 31, 2025, reporting a pre-tax profit of N229.097 billion, reflecting a 71.18% decline compared to N796.461 billion in 2024.
- Profit after tax also declined by 93.36% to N44.98 billion compared to N677.005 billion reported in 2024.
The stock lost 2.5% on the trading day that ended January 30, 2026, closing at N45 and bringing the year-to-date loss to 6.05% in 2026.
