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Why billionaire Otedola is betting billions on Nigeria’s oldest bank First HoldCo

Nigerian billionaire Femi Otedola. Photo: Femi Otedola/Facebook
Nigerian billionaire Femi Otedola. Photo: Femi Otedola/Facebook

Vincent Nwanma

Vincent Nwanma is a seasoned analyst, columnist, and reporter with over 30 years of experience in business and economics journalism across Nigeria and Africa.
  • Otedola has raised his First HoldCo stake above 26% and wants 51%.
  • Nigeria’s banking recapitalisation is turning major lenders into prized strategic assets.

 

LAGOS, NIGERIA — Billionaire Femi Otedola is pouring hundreds of billions of naira into Nigeria’s oldest banking franchise, transforming his portfolio — and potentially First HoldCo itself.

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