Key points
- Femi Otedola’s combined stake in First HoldCo Plc increased to 20.40% as of June 30, 2026.
- His total shareholding rose to 9.28 billion shares, up from 8.06 billion shares in March 2026.
- The increase was driven by a rise in his indirect holdings to 6.03 billion shares.
- First HoldCo reported a record N653.54 billion pre-tax profit for H1 2026, an 83.5% year-on-year increase.
- Profit after tax climbed 81.57% to N526.13 billion.
Main Story
Billionaire businessman and investor Femi Otedola has increased his ownership in First HoldCo Plc to 20.40 per cent, strengthening his position as the company’s largest shareholder as the financial services group posted record half-year earnings that triggered a fresh rally in its shares.
According to the company’s latest shareholding disclosure released alongside its H1 2026 financial results, Otedola’s combined interest increased to 9.28 billion shares as of June 30, 2026, compared with 8.06 billion shares at the end of March and 6.68 billion shares a year earlier.
The increase was largely driven by his indirect shareholding, which rose from 4.80 billion shares in March to 6.03 billion shares in June, while his direct holdings remained unchanged at 3.25 billion shares.
The latest disclosure shows that Otedola acquired approximately 1.22 billion additional shares between March and June 2026.
Over the past year, his ownership has increased from 15.95 per cent in June 2025 to 20.40 per cent, despite the company expanding its issued share capital from 41.88 billion shares to 45.48 billion shares during the same period.
The increase in Otedola’s stake coincided with a decline in First HoldCo’s free float, which fell from 68.90 per cent in June 2025 to 56.59 per cent by the end of June 2026.
Despite the decline, the company’s free float remains comfortably above the 20 per cent minimum requirement for companies listed on the Premium Board of the Nigerian Exchange (NGX).
Investor confidence in the company has also been reflected in its share price performance.
First HoldCo’s stock closed at N26.00 at the end of June 2025 before rising to N50.00 in March 2026 and N56.05 by the end of June.
The rally accelerated in July, with the stock closing at N95.95 at the end of last week, representing a 71.12 per cent month-on-month gain.
Shares gained a further 10 per cent in intraday trading on Monday to N105.50 following the release of the group’s H1 2026 financial results.
The earnings showed that First HoldCo recorded a pre-tax profit of N653.54 billion for the first half of 2026, representing an 83.50 per cent increase from N356.15 billion recorded in the corresponding period of 2025.
Profit after tax also rose 81.57 per cent to N526.13 billion, while second-quarter pre-tax profit nearly doubled to N332.42 billion from N169.67 billion in the same period last year.
The strong earnings performance increased the company’s market capitalisation to approximately N4.80 trillion, making First HoldCo the most capitalised banking stock on the Nigerian Exchange.
Analysts attributed the strong financial performance to lower impairment charges and improved non-interest income, factors that have further strengthened investor confidence in the company.
The Issues
Otedola’s growing ownership further consolidates influence among major shareholders in First HoldCo.
The decline in free float reflects increasing concentration of ownership, although the company remains compliant with NGX Premium Board listing requirements.
Record earnings have boosted investor confidence, but sustaining the current pace of profitability will be critical.
Continued appreciation in the share price may attract increased institutional and retail investor interest.
Investors will monitor whether First HoldCo can maintain strong earnings growth amid evolving macroeconomic and regulatory conditions.
What’s Being Said
First HoldCo’s shareholding disclosure shows that Femi Otedola’s combined interest increased to 20.40 per cent, with his total holdings rising to 9.28 billion shares as of June 30, 2026.
The company’s H1 2026 financial results showed that pre-tax profit rose 83.50 per cent year-on-year to N653.54 billion, while profit after tax increased 81.57 per cent to N526.13 billion, supported by lower impairment charges and stronger non-interest income.
What’s Next
Investors are expected to closely monitor further changes in First HoldCo’s shareholding structure, particularly whether Otedola continues to increase his stake. Market attention will also focus on the company’s ability to sustain earnings momentum, capitalise on improving profitability and maintain its leadership position among listed banking stocks on the Nigerian Exchange.
Bottom Line
Femi Otedola’s increased ownership and First HoldCo’s record half-year earnings have reinforced investor confidence in the banking group. As the company’s market value reaches new highs, its future performance will depend on sustaining earnings growth while balancing shareholder concentration with continued market liquidity.
