Nigerian billionaire Femi Otedola has announced his ambition to acquire a majority stake in First HoldCo, the parent company of First Bank of Nigeria, after investing more than ₦600 billion (approximately $432 million) in the financial services group. The latest share purchases have raised his ownership to 25.87%, making him the institution’s largest shareholder and reinforcing speculation that he intends to take long-term control of one of Africa’s oldest banking institutions.

Speaking about his investment strategy, Otedola said his approach has consistently focused on acquiring controlling interests in businesses he believes can be transformed through strong leadership and strategic investment. He noted that his preferred ownership threshold has historically been above 51%, suggesting that his current investment in First HoldCo represents part of a broader long-term strategy rather than a short-term financial investment.

Founded in 1894, First Bank remains one of Africa’s oldest and most recognised financial institutions. In recent years, the banking group has undergone a significant turnaround, improving corporate governance, strengthening profitability and rebuilding investor confidence. That transformation has accelerated in 2026, with First HoldCo becoming Nigeria’s most valuable listed banking group, supported by strong earnings growth and optimism surrounding the country’s banking recapitalisation programme.

Otedola’s growing stake follows an aggressive series of share acquisitions, including purchases of more than 2.4 billion shares within a matter of days. The investments have reinforced his position as the dominant shareholder and fuelled widespread market speculation over whether he will eventually seek outright control of the lender. If successful, the acquisition would rank among the largest ownership changes in Nigeria’s modern banking history.

The timing of Otedola’s move coincides with major reforms across Nigeria’s banking sector. The Central Bank of Nigeria’s recapitalisation programme has encouraged lenders to strengthen their capital bases, improve governance and attract new investment. Higher profitability and renewed investor confidence have also contributed to stronger valuations across the sector, making leading financial institutions increasingly attractive to long-term investors.

While achieving majority ownership would require additional acquisitions and regulatory approval, analysts view Otedola’s investment as one of the strongest votes of confidence in Nigeria’s banking industry. His track record of acquiring, restructuring and growing companies such as Forte Oil and Geregu Power has strengthened expectations that he intends to play a similarly transformative role at First HoldCo.

For investors, the development highlights the growing strategic importance of Africa’s financial institutions as economic growth, financial inclusion and banking reforms continue to reshape the continent’s capital markets. Whether Otedola ultimately secures majority control or not, his investment has already become one of the defining corporate stories in Africa’s banking sector this year.