Otedola has increased his ownership stake in First HoldCo to 25.87% following a N222.2 billion purchase of shares in the Nigerian financial services conglomerate.
The transaction, reported by Nairametrics, marks a significant consolidation of control by the billionaire investor in one of Africa's largest listed financial groups.
2 trillion for 2026, signaling continued momentum for the conglomerate.
The buy comes shortly after First HoldCo shares surged in Lagos trading, pushing the company's market capitalization past the N5 trillion mark.
The valuation milestone reflects strong market confidence in the group's trajectory, even as it navigates a complex macroeconomic environment in Nigeria.
First HoldCo has previously projected full-year profits of N1.2 trillion for 2026, signaling continued momentum for the conglomerate.
Otedola's expanded stake aligns his interests more closely with this growth outlook, potentially stabilizing shareholder sentiment amid broader regional economic volatility.