Nigeria’s oldest banking institution, First HoldCo Plc, could be headed for its biggest ownership shift in decades as billionaire investor Femi Otedola openly declared his ambition to acquire a controlling stake, confirming that his more than N600 billion investment is not a portfolio bet but part of a long-term plan to take charge of the group.

The declaration is Otedola’s clearest indication yet that he intends to play a leading role in shaping the future of FirstBank, Nigeria’s pioneer financial institution.

Having increased his shareholding to 25.87 per cent, the businessman said his investment strategy has always been centred on taking majority ownership of companies with strong growth potential.

Speaking in an interview published on Monday, Otedola said: “If you look at my antecedents, my investment threshold is always over and above 51 per cent,” adding that he is pursuing the same approach with First HoldCo.

His remarks come days after an aggressive round of share purchases strengthened his position as the company’s largest shareholder and fuelled expectations that he could seek greater influence over one of Africa’s oldest financial institutions.

On July 22, Otedola acquired more than 706 million shares in First HoldCo before returning to the market days later to purchase another 1.779 billion shares. The transactions increased his beneficial ownership to 11.76 billion shares, representing 25.87 per cent of the group’s issued share capital.

The latest acquisitions, estimated at nearly N300 billion, pushed his total investment in the banking group beyond N600 billion, or about $432 million.

Describing the investment as a long-term commitment rather than a speculative play, Otedola said: “That figure speaks not to speculation but to unflinching confidence in the institution’s future and my unwavering commitment to its success.”

Otedola said his pursuit of majority ownership follows an investment model he has adopted throughout his business career. He previously increased his holdings in Forte Oil before restructuring the company and later exiting the investment. He also built his stake in Geregu Power to about 95 per cent before listing the company on the Nigerian Exchange.

Unlike those investments, however, Otedola described First HoldCo as a generational investment, signalling that he sees the banking group as a long-term asset rather than one he intends to eventually sell.

Although his current holding remains well below the majority threshold, Otedola’s public declaration has shifted attention to the future ownership of one of Nigeria’s most strategically important financial institutions. Any move to acquire a controlling stake would require additional share purchases and would likely be subject to regulatory approvals given the bank’s systemic importance.

For now, however, the billionaire has left little doubt about his intentions. By openly declaring his ambition to own more than half of First HoldCo, Otedola has turned what had been market speculation into one of the banking sector’s most closely watched ownership stories.