Billionaire investor Femi Otedola has increased his ownership in First HoldCo Plc to 20.4 per cent, strengthening his position as the company’s largest shareholder amid a strong rally in the banking group’s shares driven by record half-year earnings.
The increase was disclosed in First HoldCo’s shareholding report contained in its unaudited financial results for the half-year ended June 30, 2026.
The report showed that Otedola’s combined direct and indirect shareholding rose to 9.28 billion shares as of June 30, 2026, representing 20.40 per cent of the company’s total issued shares.
This marks an increase from the 8.06 billion shares, or 18.12 per cent, he held at the end of March 2026 and the 6.68 billion shares, equivalent to 15.95 per cent, recorded in June 2025.
A breakdown of the latest shareholding data showed that Otedola’s direct stake remained unchanged at 3.25 billion shares, while his indirect holdings increased significantly to 6.03 billion shares from 4.80 billion shares at the end of the first quarter.
The latest acquisition means Otedola added approximately 1.22 billion shares between March and June this year, while his total holdings have increased by about 2.6 billion shares over the past 12 months.
The increase in ownership came despite the expansion of First HoldCo’s issued share capital from 41.88 billion shares in June 2025 to 45.48 billion shares as of June 2026.
The stronger ownership position coincided with a decline in the bank’s free float, which fell from 68.9 per cent in June 2025 to 56.59 per cent at the end of June 2026. However, the figure remains comfortably above the Nigerian Exchange Premium Board’s minimum free-float requirement of 20 per cent.
The development also comes as investors continue to show strong appetite for the bank’s shares following impressive financial performance.
First HoldCo reported a record profit before tax of N653.54bn for the first half of 2026, representing an 83.5 per cent increase from N356.15bn posted in the corresponding period of 2025.
Profit after tax also rose by 81.57 per cent to N526.13bn, while second-quarter profit before tax nearly doubled to N332.42bn from N169.67bn recorded in the same period last year.
The strong earnings performance triggered renewed buying interest in the company’s shares.
Following the release of the half-year results on Monday, First HoldCo’s share price gained 10 per cent in intraday trading to N105.50, extending a rally that had already seen the stock rise sharply in recent weeks.
The stock had closed at N26.00 at the end of June 2025, rose to N50.00 by the end of March 2026, increased further to N56.05 at the end of June and closed at N95.95 last week before Monday’s earnings-driven surge.
The rally lifted the group’s market capitalisation to about N4.8tn, making First HoldCo the most capitalised banking stock on the Nigerian Exchange.
Analysts attributed the strong financial performance to lower impairment charges and higher non-interest income, factors that have reinforced investor confidence in the banking group’s earnings outlook.
Otedola’s increased investment is expected to further strengthen market confidence in the company as it continues to deliver robust financial performance and attract heightened investor interest.
