Femi Otedola becomes single largest shareholder in First Holdco

Femi Otedola has increased its holdings in First Hold thus becoming the single largest shareholder. He increased his stake in First Holdco by 4,121%. Taking the top seat as the largest single shareholder, Femi Otedola, First Holdco chairman, has raised his direct interest in the group by 4121% in 12 months to 1.689 billion units, according to audited financial statements released by the company. Indirect shares credited to Otedola also increased by about 28% to 2.543 billion units. Details from the group audited report revealed that Otedola, whose direct and indirect shareholdings total 12.61%, controls the largest stake in First Holdco, officially. First Holdco’s chair stepped up, ramping up shares of the financial services company while some shareholders raised concerns about an illegal private placement.
The billionaire investor has immediate Barbican Capital Limited, a company related to its erstwhile FBNH chair, Oba Otudeko. Barbican Capital Limited owns an 8.65% interest in First Holdco as of Dec. 2024, according to the audited report. Analysis of the group shareholding revealed that the two top influential entities combined shareholding was 21.26%. First Holdco board declared 60 kobo as the final dividend for 2024 out of 1869 kobo earnings per share. The company has brought to the market its new shares, worth N1.030 trillion—tracking at a distance with its immediate rivals in terms of market value. Recall that Otedola’s foray into banking has caused some adjustment in First Holdco’s board and management team composition.
The group more than doubled down on its earnings in 2024, up by 118% year on year from N310.37 billion to N677 billion—its all-time record high as a banking group. First Holdco Plc recently faced internal heats driven by the interests of its major shareholders with accusations and suits that often got the attention of the regulator. First Holdco Plc reported a N663.49 billion profit after tax for the year ended Dec. 31, 2024. This is a 115.12 percent increase from N308.43 billion recorded in 2023. The group’s pre-tax profit was N781.88 billion, up by 124.77 percent year-on-year when compared to N347.87 billion recorded in 2023. The group’s gross earnings also rose by 105.71 percent, with N3.21 trillion in 2024 and N1.56 trillion in 2023. A dividend of 60 kobo per ordinary share of 50 kobo each, amounting to N25.13 billion, was recommended, up from N14.36 billion distributed in 2023.