…Stock sees over 600% rally in 2 years
In the upper echelons of African business, few names command as much market-moving influence as Femi Otedola. Long recognised as a titan of Nigerian industry with a career spanning petroleum marketing and power generation, Otedola has firmly established a formidable reputation in the financial sector: not merely as an astute investor, but as a master corporate turnaround artist.
Today, that reputation is most vividly on display at First HoldCo Plc, the parent company of Nigeria’s oldest banking institution. Since stepping into the role of group chairman and consolidating his position as the institution’s single largest individual shareholder with a 25.87 percent stake, Otedola has injected both capital and strategic direction into the legacy group.
Under his watch, an era defined by bold share acquisitions, balance-sheet cleaning, and record-breaking financial returns, First HoldCo’s equity surged to unprecedented valuations on the Nigerian Exchange Limited (NGX).
When Otedola was officially appointed as group chairman on January 31, 2024, First HoldCo was trading between N19 and N22 per share. Just over two years into his leadership, the stock is currently trading at N134. This represents an explosive 617.89 percent surge, pushing the financial behemoth past the N6 trillion valuation mark and recently peaking at a landmark N6.09 trillion market capitalisation. It is now the most valuable banking stock listed on the NGX, boasting a 52-week high of N137.20 against a low of N29.25.
