Femi Otedola to Pocket $1.6 Million from FirstHoldCo's Dividends¡

By Michael Ehindero
After steering FirstHoldCo, the parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited to record-breaking profits, billionaire mogul and philanthropist Femi Otedola is set to cash in a $1.6 million dividend payout from his stake in the banking powerhouse.

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• Femi Otedola is set to pocket a cool $1.6 million in dividends from his 11.8% stake in FirstHoldCo, Nigeria’s oldest banking group.

• The financial giant declared a $15.7 million dividend following a record-breaking 2024 performance, raking in $663.7 million in revenue and $487.5 million in net profit.

• Otedola also bagged an additional $11.2 million from Geregu Power, thanks to the energy company’s stellar 65% revenue surge and profit boom.
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Otedola, who doubles as chairman of FirstHoldCo and Geregu Power Plc, holds a combined 11.8% stake in the Lagos-based financial group, cementing his position as one of Nigeria’s most influential business figures.

FirstHoldCo’s impressive dividend announcement caps off a stellar year for the 130-year-old lender. Under Femi Otedola’s leadership, the group shattered records by surpassing $660 million in earnings in 2024, posting strong growth across all major income streams.

The results highlight the transformative impact of Otedola’s tenure, which began with his board appointment in August 2023 and his rise to chairman in January 2024.

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