Femi Otedola’s Next Big Bet: Banking, Ownership and the Future of First HoldCo

Femi Otedola’s career has been defined by major investments in sectors central to Nigeria’s economy. His move from petroleum and power into financial services has made his growing position in First HoldCo Plc a closely watched business story.

Otedola, a Nigerian investor and entrepreneur, was appointed Group Chairman of First HoldCo in January 2024. The group is the parent company of FirstBank. His investment activity has drawn attention to the company’s strategic direction, governance and prospects in a competitive financial-services market.

From energy to financial services

Otedola built his profile in oil and gas through Zenon Petroleum and Gas. In 2007, he acquired a controlling interest in African Petroleum and led its transformation into Forte Oil. In 2013, he moved into power generation through Geregu Power, which became the first power-generation company listed on the Nigerian Exchange. He later divested from Geregu, reshaping his investment portfolio.

A growing position in First HoldCo

First HoldCo’s 2025 financial statements showed Otedola’s direct and indirect ownership at 18.12% at year-end. Subsequent transactions reported in 2026 increased his holding. Reports in August put his stake at about 27.7%, although investors should consult the latest Nigerian Exchange disclosure for the current figure because shareholdings can change.

The size of an investment does not, by itself, determine a company’s future. First HoldCo’s performance will also depend on execution, asset quality, capital strength, regulatory requirements, governance and broader conditions across Nigeria’s banking sector.

Why the banking investment matters

Banks mobilise deposits, finance businesses, facilitate payments and connect households and companies to formal financial services. A major stake in a banking group offers exposure to those activities while carrying risks related to credit cycles, regulation, funding costs and macroeconomic volatility.

FirstBank is the group’s flagship banking business. Its ability to serve customers, manage risk and generate sustainable returns will be central to First HoldCo’s prospects. Investors will be watching financial results, capital plans, governance and the group’s ability to compete in a changing financial-services market.

A career built around strategic shifts

Otedola’s business career has spanned petroleum, power generation and financial services. The pattern illustrates his willingness to redirect capital as opportunities and market conditions change. It also highlights the importance of assessing listed-company stakes and transactions using current disclosures.

His public profile extends to philanthropy and education. First HoldCo’s official biography notes his involvement in scholarship initiatives and his role as Chancellor of Augustine University in Ilara, Lagos State.

What to watch next

• Regulatory disclosures: New shareholding filings will clarify the scale and structure of Otedola’s interest.
• Banking performance: FirstBank’s results, asset quality, capital position and customer growth will be important indicators.
• Governance and strategy: Investors will assess how the board balances strategic direction, oversight and shareholder interests.
• Portfolio changes: Further transactions involving other investments could reshape Otedola’s sector exposure.

For Otedola, the shift from energy and power towards banking represents a major commitment to a financial institution with customers and shareholders across Nigeria. The test will be whether that commitment translates into durable value and a stronger institution over time.

Sources and further reading

• First HoldCo Plc, official biography of Femi Otedola.
• First HoldCo Plc, official events gallery.
• Nairametrics, August 2026 reporting on Otedola’s First HoldCo investment.
• The Guardian Nigeria and other Nigerian media reports on 2026 share transactions.

Editorial note: Shareholding figures are time-sensitive and should be checked against the latest Nigerian Exchange disclosures before republication.