Billionaire Femi Otedola is moving to secure a controlling interest in First HoldCo Plc, targeting a stake exceeding 51% in the Nigerian financial services conglomerate.
The push for majority ownership follows a significant capital injection earlier this year, signaling a deepening commitment to the group’s strategic direction.
87%, establishing him as a major shareholder but leaving a substantial gap to the control threshold.
Otedola’s investment vehicle, Capital Connection, recently acquired 1.77 billion shares in the company for approximately N222.2 billion.
That transaction raised his total ownership to 25.87%, establishing him as a major shareholder but leaving a substantial gap to the control threshold.
The new target suggests further open-market purchases or negotiated deals are imminent to bridge that divide.
The move places Otedola in a position to exert decisive influence over First HoldCo’s board and operations.