Femi Otedola To Receive 1.6 Million Dividend From Firstholdco

Femi Otedola to earn 1.6 million in dividends from his 11.8 stake in FirstHoldCo, Nigerias oldest banking group.

FirstHoldCo declared a 15.7 million dividend after record 2024 earnings of 663.7 million and net profit of 487.5 million.

Otedola also received 11.2 million from Geregu Power, as the energy firms profit surged on 65 revenue growth.

After leading FirstHoldCo, the parent company of Nigerias oldest bank, First Bank of Nigeria Limited, to record-breaking financial results, billionaire businessman and philanthropist Femi Otedola is set to receive a dividend payout of 1.6 million from his stake in the financial giant.

Otedola, who serves as chairman of FirstHoldCo as well as of leading energy firm Geregu Power Plc, owns a combined 11.8 percent stake in the Lagos-based financial group.

His holdings are split between 4.71 percent, held directly, and 7.09 percent through his private investment firm, Calvados Global Services Limited. Based on the groups newly declared final dividend of N0.6 per share, Otedolas total dividend earnings from FirstHoldCo this year will amount to N2.54 billion, or roughly 1.6 million.

The dividend, which will be paid electronically at a date to be announced, is part of a total payout of N25.12 billion 15.7 million recommended by the board of directors, led by Otedola himself. This builds on the N14.4 billion 9 million distributed to shareholders earlier in the year, highlighting the boards commitment to rewarding investor confidence.

FirstHoldCo's strong dividend declaration follows a standout year. Under Otedola, the 130-year-old lender crossed the 660 million earnings mark in 2024, with strong gains across key income lines. The results underscore the significant impact of Otedolas tenure, which began with his board appointment in August 2023 and chairmanship from January 2024.