Chairman of First HoldCo Plc, Femi Otedola, has indicated that he may increase his stake in the financial services group to more than 51 per cent, revealing that he has invested over ₦600 billion of his personal funds in the institution.
Speaking in an interview published on Monday, Otedola said his investment is a long-term commitment aimed at rebuilding and strengthening First HoldCo, adding that his current 26 per cent shareholding may not be the end of his investment journey.
He said his approach follows the same pattern adopted in his previous investments in Forte Oil and Geregu Power, where he gradually increased his ownership before restructuring the businesses.
According to Otedola, he invested in First HoldCo at a time when the institution was battling governance challenges and over ₦2 trillion in non-performing loans, describing his decision as a commitment to rescue and reposition the company rather than a short-term investment.
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He said that since becoming chairman in January 2024, the board has focused on governance reforms, cleaning up the balance sheet and recapitalising the institution, enabling it to exceed the Central Bank of Nigeria’s ₦500 billion minimum capital requirement.
Otedola noted that the reforms are already yielding results, citing the group’s half-year 2026 performance, which showed profit before tax rose by 83.5 per cent to ₦653.4 billion.
He dismissed speculation that he plans to exit the company after its turnaround, insisting that First HoldCo represents a long-term generational investment.
Looking ahead, Otedola said the group will continue to strengthen corporate governance, improve risk management, drive innovation and deliver sustainable value to shareholders while supporting Nigeria’s economic growth.
