Billionaire businessman, Femi Otedola, don make im intention clear say im want own controlling stake for First HoldCo, di parent company of First Bank. For interview wey Nairametrics publish on Monday, Otedola talk say im investment style na to always get more than 51 percent of any company wey im dey invest for.
According to am, if you check im antecedents, im investment threshold na always over and above 51%. E mention say im follow di same strategy for Forte Oil and Geregu Power before, where im later transform di companies and unlock significant shareholder value.
Just last week, Otedola buy over 706 million shares for First HoldCo. Di purchase, wey estimated to worth almost ₦300 billion (about $216 million), don further strengthen im position as di largest shareholder. Im total investment for di bank now exceed ₦600 billion, wey be say e don pass $432 million.
Otedola talk say dis figure no be just speculation but e show unflinching confidence for di institution future and im unwavering commitment to im success. E describe di investment as long term, generational investment, no be like di ones wey im dey eventually exit.
First Bank na one of Africa oldest financial institutions, wey dem found since 1894. Through First HoldCo, di group dey operate for several African markets and also get international operations wey dey support trade, investment, and correspondent banking. Di bank don undergo serious transformation for recent years, rebuilding investor confidence after years of governance disputes, ownership battles, and regulatory intervention.
Otedola ambition come at a defining moment for Nigeria banking industry. Di Central Bank of Nigeria recapitalisation programme don push lenders to strengthen dia balance sheets and attract fresh capital. Higher interest rates and improved profitability also don fuel investor appetite for banking stocks. First HoldCo na one of di biggest beneficiaries, with sharp increase for first-half earnings this year.
Although Otedola talk say im prefer owning more than 51%, to reach that level for First HoldCo go require plenty more acquisitions. Any move towards majority ownership go likely attract close regulatory scrutiny because of di systemic importance of di banking group. Industry observers also note say acquiring controlling stake for one of Nigeria largest publicly listed financial institutions go rank among di biggest corporate transactions for recent years.
With im public declaration and more than $430 million of im own money for First HoldCo, Otedola don put imself for center of one of di most watched ownership stories for Africa banking industry. As First HoldCo continue im transformation, investors across di continent dey watch to see weda Otedola biggest corporate wager go ultimately lead am to take control of one of Africa oldest and most influential banking institutions.
