Nigerian billionaire Femi Otedola has bought additional shares in First HoldCo Plc worth more than ₦43 billion, further strengthening his position as the company’s largest shareholder.

The transaction, disclosed to the Nigerian Exchange (NGX), shows Otedola’s continued confidence in the financial holding company that owns First Bank of Nigeria. As Chairman of First HoldCo, his latest investment increases his stake and deepens his commitment to the group.

This acquisition comes at a time when First HoldCo is performing strongly. The company recently released impressive Q1 2026 results, which saw its share price rise significantly. Market watchers say Otedola’s move reflects belief in the bank’s turnaround strategy and long-term growth potential.

First HoldCo has been pushing for recapitalisation. The group is seeking shareholder approval to raise fresh capital as it aims to build a stronger balance sheet and expand its operations in Nigeria’s competitive banking sector.

Otedola, one of Nigeria’s most successful businessmen, has steadily increased his ownership in First HoldCo over the past few years. His growing stake has helped bring stability and renewed investor interest to the institution, which is one of the oldest and largest in the country.

The latest purchase adds to earlier acquisitions and pushes his total holding higher. This development is expected to boost market confidence in First HoldCo as the company works towards its ambitious targets, including plans to reach a ₦1 trillion capital base.

Analysts say such insider buying by a major shareholder often signals positive expectations about future performance. For many Nigerians, it also highlights the important role local investors continue to play in the country’s biggest businesses.

The company is yet to issue an official statement on the exact details of the latest transaction, but market filings confirm the substantial investment by the billionaire chairman.

This move further cements Femi Otedola’s influence in Nigeria’s financial services industry.