Ruth Ibikunle
Femi Otedola is a name that resonates deeply within Nigeria’s business landscape and beyond. He’s not just a businessman; he’s a force. You might know him for his role in oil and gas or his philanthropic efforts, but there’s so much more to his story. Since taking over as the Chairman of the Board of Directors at First HoldCo Plc on January 31, 2024, he has brought a wealth of experience and a visionary approach to the company. Let’s take a deep dive into who he is, where he comes from, and how he’s made waves in the corporate world—especially since taking on the role of chairman at First Holdco.
Born into a prominent family in Lagos, Femi Otedola’s roots run deep in Nigerian society. He grew up in a family that was no stranger to success. His father, Sir Michael Otedola, was a prominent politician, a business man and the former governor of Lagos State. He laid the groundwork for Femi’s understanding of governance and business. But it was Femi’s own drive and ambition that carved his path. After completing his Lower sixth examination, he dove headfirst into the world of business, and oh boy, did he make waves!
His journey into the oil and gas sector kicked off with Zenon Petroleum and Gas Limited. This was no small feat; he entered an industry known for its high stakes and fierce competition. At Zenon, he didn’t just participate—he disrupted the status quo, redefining what was possible in the downstream sector. Talk about a bold move!
Fast forward to May 2007, when Femi made a significant leap. He initiated the purchase of a majority stake in African Petroleum Plc, a company that was struggling at the time. By May 25 of that same year, he assumed the role of Chairman of the Board. Under his leadership, African Petroleum underwent a remarkable transformation and rebranded as Forte Oil Plc. The company evolved into a shining example of what could be achieved in Nigeria, earning accolades for its turnaround strategy, diversified operations, and commitment to corporate governance. They weren’t just playing the game; they were changing it!
By December 2018, Femi made another strategic decision—he divested from Forte Oil, selling his shares to the Ignite Consortium led by Prudent Energy Services Limited. This wasn’t just a departure; it was a calculated move that set the stage for his next big venture. After wrapping up the handover in June 2019, Femi shifted his focus toward the power sector, a field he had been eyeing for years.
You see, Femi’s interest in the power sector isn’t new. It dates back to 2007 when he first decided to participate in the Nigerian Government’s Privatization Programme. His relentless pursuit paid off in August 2013 when Amperion Power Distribution Company Limited, which he acquired shares in, successfully secured a majority stake in the Geregu Power Plant. This plant, originally boasting a capacity of 414MW, has since been upgraded to 435MW. It now contributes around 9% of the total generating capacity available to Nigeria’s National Grid. That’s quite an impact!
But that’s not all. Femi’s business acumen isn’t limited to just oil and power. He has investments in various sectors, including storage, shipping, and insurance brokerage. He’s built a robust presence throughout the downstream value chain, making him a significant player in multiple industries. Otedola’s success didn’t happen overnight. It was a mix of hard work, strategic thinking, and, let’s be honest, a bit of luck.
Now, let’s talk about First Holdco. If you’re not familiar, it’s one of the major players in the Nigerian financial services sector. Stepping into the role allowed him to leverage his extensive experience in various industries. His appointment was met with optimism—after all, he had a track record of turning companies around and making them thrive.
So, what has he done since taking over? Well, one of the first things you might notice is his approach to governance. Otedola has emphasized transparency and accountability, vital elements that many companies struggle with. He’s implemented policies aimed at improving operational efficiency and fostering a culture of innovation. You could say he’s breathing new life into First Holdco.
Otedola has spearheaded several strategic initiatives aimed at expanding First Holdco’s footprint. One of his major focuses has been diversifying the company’s portfolio. By venturing into new markets and exploring innovative financial products, he’s positioned First Holdco to be more resilient against market fluctuations. Otedola’s long-term vision for First Holdco group isn’t just mere relevance but continental dominance. Solid plans are in place to strengthen the bank’s lending capacity, expand digital infrastructure, and scale international operations.
Let’s get into the nitty-gritty: the shares. Under Otedola’s leadership, First Holdco’s shares have seen an upward trajectory. Initially, there was a bit of skepticism in the market. Would he be able to translate his success in oil and gas to the financial sector? But, oh boy, did he prove the doubters wrong.
Since his takeover, the stock price has shown significant growth. Investors have responded positively, and the company’s market valuation has increased. It’s interesting to note how his influence extends beyond just numbers. His reputation has attracted investors who are keen to be part of a company that’s poised for future growth. You know, it’s kind of a testament to how strong his leadership that is defined by resilience, adaptability and an unshakable commitment to customers can really change the game.
Demonstrating growth across all indicators, First HoldCo Plc recorded N2.6 trillion gross earnings in its unaudited results for the nine months ended September 30, 2025. The performance is exceptionally higher than gross earnings of N427.397 billion recorded during same period of 2021, when Otedola took over the bank. Under his leadership, First Holdco further reported N566. 54 billion 9-month pre-tax profit, far higher than N40.791 billion profit after tax reported for the nine months period of 2021. The share price soared from N11.70 in September 2021 to N31.05 as at November 26, 2025.
And on Thursday December 18, 2025, Femi Otedola further consolidated his position as the top shareholder of the financial services group, with his latest share purchase valued at N14.8 billion. He procured 370 million shares at N40.1 each according to a regulatory filing at the Nigerian Exchange Limited.
He bought the shares through Calvados Global Services Limited, his special purpose acquisition vehicle. The latest acquisition takes his combined ownership in First HoldCo to 16.9 per cent. That is equivalent to 7.1 billion shares. Since the new got to the market, the share price of First Holdco has since experienced nonstop upward movement, as at close of business on Friday December 19, 2025, the price of First Holdco was N44.95.
Overall, First HoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The group under Otedola’s leadership is well-positioned to not only achieve its 2029 financial targets but to significantly enhance shareholder returns.
When it comes to corporate governance, Femi has a wealth of experience. He’s held various board positions, including President of the Nigerian Chamber of Shipping. His insights have been sought after in many capacities—like when he was appointed to the Governing Council of the Nigerian Investment Promotion Council (NIPC) back in January 2004. Later that year, he also joined a committee aimed at strengthening ties between the Nigerian and South African private sectors. Quite the resume, huh?
Between September 2011 and May 2015, he served on the National Economic Management Team under former President Goodluck Jonathan. And let’s not forget his role in the Honorary International Investors Council, chaired by Baroness Lynda Chalker. Today, he’s a member of the esteemed National Peace Committee, where his influence continues to grow.
Now, let’s talk about the honours that have come his way. Femi has received numerous awards for his contributions to Nigeria’s economic landscape. One of the most notable is the “Commander of the Order of the Niger” (CON), awarded by former President Jonathan in May 2010. That’s a pretty big deal!
Beyond the boardroom, Otedola is known for his philanthropic efforts. He’s made significant contributions to education and healthcare, helping to fund schools and hospitals across Nigeria. He’s deeply involved in educational initiatives through the Sir Michael Otedola Scholarship Awards Foundation. This foundation helps support promising but financially disadvantaged students. Honestly, it’s heartening and inspiring to see someone in his position who has achieved so much also care deeply about the community. It’s clear that he doesn’t just want to make money; he wants to make a difference.
Additionally, Femi is the Vice President of “Save the Children,” a UK-based charity organization. His commitment to this cause is evident through his substantial donations, including a whopping ₦5 billion to support their initiatives in Nigeria.
First HoldCo is a financial holding company and one of the largest financial services organisations in Africa. It is a diversified and leading financial services Group offering a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.
First HoldCo has oversight over its subsidiaries and drives group coordination, collaboration and synergies among other principal activities towards innovative financial solutions and enhanced shareholder value.
The flagship subsidiary of First Holdco, First Bank is one of those institutions that plays a crucial role in the financial landscape. With a history that dates back to 1894, it’s been serving its customers and communities with a variety of banking services that has evolved over the years.
What really stands out about First Bank is its commitment to customer service. I mean, sure, every bank says they’re customer-focused, but First Bank actually backs it up with programs and initiatives that really aim to meet the needs of its clients. They’ve got this community-oriented approach that, honestly, feels refreshing in today’s fast-paced world. You’ve got to give them credit for that.
In a nutshell, First Bank is more than just a bank. It’s a community partner striving to balance traditional values with modern banking needs. And that’s a pretty solid combination if you ask me.