Table of Contents
Key Points
- Femi Otedola to earn $1.6 million in dividends from his 11.8% stake in FirstHoldCo, Nigeria’s 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 firm’s profit surged on 65% revenue growth.
After leading FirstHoldCo, the parent company of Nigeria’s 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 group’s newly declared final dividend of N0.6 per share, Otedola’s total dividend earnings from FirstHoldCo this year will amount to N2.54 billion, or roughly $1.6 million.
FirstHoldCo declares $15.7 million dividend
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 board’s 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 Otedola’s tenure, which began with his board appointment in August 2023 and chairmanship from January 2024.
According to its annual report, FirstHoldCo’s comprehensive income jumped from N769.2 billion ($480.3 million) in 2023 to N1.063 trillion ($663.7 million) in 2024. The increase was driven by higher interest income, solid fee and commission revenue, and strong performance from financial instruments, cementing the group’s spot as a major player in Nigeria’s banking sector.
Net profit more than doubled, rising from N347.9 billion ($217 million) to N782 billion ($487.5 million). The growth reflects the bank’s resurgence under Otedola’s stewardship. Total assets surged from N16.94 trillion ($10.56 billion) to N26.52 trillion ($16.5 billion), while total equity rose to N2.79 trillion ($1.74 billion). Retained earnings also saw a near twofold increase, from N588.9 billion ($367.1 million) to N1.116 trillion ($695.7 million).
Otedola reaps power industry gains
Otedola’s earnings from FirstHoldCo add to the N16.58 billion ($11.23 million) he recently received from Geregu Power, where he holds a controlling 78.05 percent stake through Amperion Power Distribution. The power company declared a final dividend of N21.25 billion ($14.4 million) for 2024, with Otedola taking home the bulk of the distribution—another sign of the value his companies are delivering to shareholders.
Geregu Power, under Otedola’s leadership, reported a profit of over $26 million in 2024, driven by a 65.4 percent increase in revenue. Turnover rose from N82.9 billion ($53.8 million) in 2023 to N137.12 billion ($89 million) last year. The company also saw its assets grow to N243.47 billion ($165.08 million), up from N182.04 billion ($123.4 million), while retained earnings improved to N51.34 billion ($34.8 million), reinforcing its financial health and earnings power.
