African billionaire Femi Otedola has publicly signalled his intention to eventually take majority control of First HoldCo, the parent company of First Bank, after investing more than ₦600 billion ($432 million) of his personal wealth in what has become Nigeria’s most valuable listed banking group.
The declaration marks Otedola’s clearest indication yet that he intends to play a long-term controlling role in one of Africa’s oldest financial institutions, extending an investment strategy that has previously seen him acquire and transform companies including Forte Oil and Geregu Power before unlocking significant shareholder value.
Speaking in an interview with Nairametrics published on Monday, Otedola said his investment philosophy has always centred on acquiring controlling stakes in businesses he believes can be fundamentally transformed.
“If you look at my antecedents, my investment threshold is always over and above 51%,” Otedola said, adding that he is following the same strategy with First HoldCo.
His comments come less than a week after he dramatically expanded his position in the lender through a series of share purchases that reinforced his status as First HoldCo’s largest shareholder and fuelled speculation that he intends to play a much bigger role in shaping the future of the banking giant.
