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Nigerian billionaire Femi Otedola has strengthened his position in First HoldCo, acquiring additional shares worth over $10 million through Calvados Global Services Limited, one of his investment vehicles.
Otedola, chairman of the leading power generation company Geregu Power Plc, now holds a 17.56 percent stake in First HoldCo, the parent company of Nigeria’s oldest commercial bank, First Bank of Nigeria Limited, in the financial services group.
According to a recently released disclosure, Otedola purchased 369,986,122 shares at N40.16 ($0.02), now valued at N14.82 billion ($10.18 million), increasing his combined holdings from 6,742,471,831 shares (16.1 percent) as of Sept. 30, 2025, to 7,112,467,953 shares (17.56 percent) as of writing. The total value of his stake now stands at N303.35 billion ($208.11 million).
FBN Holdings’ gross earnings jump, profit slides slightly
According to figures in its nine-month 2025 report financial statement, FBN Holdings reported a net profit of N450.87 billion ($309.35 million) in the first nine months of 2025, a 15.55 percent decrease from N533.88 billion ($366.31 million) in the same period last year. The drop was due to higher impairment charges, net asset losses and increased depreciation and amortization costs.
Gross earnings, on the other hand climbed from N1.84 trillion ($1.27 billion) in the same period of 2024 to N2.55 trillion ($1.76 billion) this year. The growth was supported by a strong rise in both interest and non-interest income, underscoring the bank’s ability to stay profitable despite a tougher operating environment.
Interest income grew to N2.29 trillion ($1.58 billion), up from N1.63 trillion ($1.13 billion) a year earlier, while fee and commission income rose from N205.3 billion ($142.1 million) to N260.5 billion ($180.3 million).
Otedola leads with integrity and reform
First Bank, Nigeria’s oldest financial institution, which operates as the flagship banking subsidiary of First HoldCo, has played a central role in the country’s economy for more than a century. But a string of management lapses and risky lending practices in past years eroded investor confidence.
In January 2024, Otedola was named chairman of First HoldCo (then FBN Holding). He made a number of changes to cut costs and improve governance. One of his first directives was to end the use of private jets for executive travel at the bank’s expense, a move that drew attention across the financial sector for its message of fiscal prudence. He also tightened oversight, set clearer accountability measures, and prioritized efficiency across the group.
First HoldCo reports growth in assets, equity
Those decisions are now showing results. Total assets grew from N25.99 trillion ($18.1 billion) as of Dec. 31, 2024, to N26.37 trillion ($18.4 billion) by Sept. 30, 2025. Total equity also increased from N2.79 trillion ($1.94 billion) to N3.25 trillion ($2.26 billion) while retained earnings climbed from N1.11 trillion ($773.7 million) to N1.53 trillion ($1.06 billion).
The improvement suggests that Otedola’s leadership has begun to steady the group. With a stronger capital base, improved earnings and tighter control over costs, First HoldCo is regaining the confidence of investors and depositors alike, an encouraging sign for one of Nigeria’s most enduring financial brands.
