Femi Otedola Eyes Majority Control of First HoldCo

Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has revealed plans to acquire a controlling stake of over 51% in the financial holding company.

Speaking in an interview with Nairametrics, Otedola emphasized that securing majority ownership is essential for driving the deep reforms and restructuring required to generate long-term value for all stakeholders.

Currently holding a 25.8% stake, Otedola is First HoldCo’s largest shareholder. He explained that his core investment philosophy relies on firm shareholder control, combined with strong protections for minority interests, to execute challenging corporate turnarounds effectively.

To illustrate his approach, Otedola pointed to his track record with African Petroleum (later Forte Oil), where he gradually expanded his position from 28% to 75% before exiting in 2019.

Similarly, at Geregu Power Plc, he built his holding from 51% to 95% prior to its 2022 public listing. Applying this same strategy to First HoldCo, Otedola remains committed to following a familiar path toward majority control to unlock the company's full potential.