LAGOS: Billionaire investor Femi Otedola has increased his ownership in First HoldCo Plc to 20.40%, reinforcing his position as one of the banking group’s largest shareholders as the company posted record half-year earnings that sent its shares soaring above N105 on the Nigerian Exchange (NGX).
The latest shareholding disclosure, released alongside First HoldCo’s H1 2026 financial results, showed that Otedola’s combined interest in the financial services group rose from 18.12% at the end of March 2026 and 15.95% in June 2025 to 20.40% as of June 30, 2026.
The increase was driven primarily by a rise in his indirect shareholding, which climbed to 6.03 billion shares from 4.80 billion shares three months earlier and 3.47 billion shares a year ago. His direct holding remained unchanged at 3.25 billion shares.
Overall, Otedola now owns a combined 9.28 billion shares in First HoldCo, compared with 8.06 billion shares at the end of March, representing an additional 1.22 billion shares acquired within three months.
The latest figures underscore Otedola’s sustained investment strategy despite the company’s continuous expansion of its issued share capital.
As of June 30, 2025, he held 6.68 billion shares—made up of 3.21 billion direct shares and 3.47 billion indirect shares—representing 15.95% of the company’s then 41.88 billion outstanding shares.
By March 31, 2026, his holdings had increased to 8.06 billion shares, equivalent to 18.12% ownership, while First HoldCo’s issued shares had risen to 44.45 billion.
Three months later, his total holdings climbed further to 9.28 billion shares, representing 20.40% of the company’s enlarged 45.48 billion issued shares.
In total, Otedola added approximately 2.60 billion shares over the past year, increasing his ownership by 4.45 percentage points, even as First HoldCo issued roughly 3.60 billion additional shares during the same period.
The rise in Otedola’s ownership has coincided with a gradual decline in the company’s free float.
Publicly tradable shares fell from 28.85 billion units, representing 68.90% of total issued shares in June 2025, to 25.94 billion shares (58.34%) in March 2026 and further to 25.73 billion shares (56.59%) by the end of June 2026.
Despite the decline, First HoldCo’s free float remains comfortably above the 20% minimum requirement for companies listed on the NGX Premium Board, ensuring the company continues to meet the exchange’s listing standards.
The increase in Otedola’s stake comes as First HoldCo delivered one of the strongest financial performances in Nigeria’s banking sector.
The group reported a record pre-tax profit of N653.54 billion for the first half of 2026, representing an 83.5% increase from N356.15 billion recorded during the same period in 2025.
Profit after tax also climbed 81.57% to N526.13 billion, reflecting improved operating performance across the group.
During the second quarter alone, pre-tax profit nearly doubled to N332.42 billion, compared with N169.67 billion in Q2 2025, supported by stronger non-interest income and lower impairment charges.
First HoldCo’s impressive earnings have fueled one of the strongest rallies on the Nigerian Exchange this year.
The company’s share price rose from N26.00 at the end of June 2025 to N50.00 by March 2026 before closing at N56.05 at the end of June.
Ahead of Monday’s earnings announcement, the stock had already climbed to N95.95, representing a remarkable 71.12% month-on-month gain in July.
Following the release of the H1 financial results on July 20, investors pushed the stock another 10% higher during intraday trading to N105.50, lifting First HoldCo’s market capitalisation to approximately N4.80 trillion and making it the most valuable banking stock listed on the Nigerian Exchange (NGX).
Analysts believe Otedola’s continued accumulation of First HoldCo shares reflects growing confidence in the bank’s long-term growth prospects.
Supported by record profitability, stronger earnings quality, declining impairment charges, improved non-interest income and sustained investor demand, the banking group appears well-positioned to maintain its strong market momentum.
With Otedola increasing his strategic stake while the bank continues to deliver record-breaking financial results, First HoldCo has strengthened its position as one of Nigeria’s most closely watched and best-performing financial institutions in 2026.
