Olufemi Otedola, the Group Chairman and Non-Executive Director of First HoldCo Plc, is expected to earn a total dividend of ₦2.53 billion in 2024 based on the company’s proposed dividend of 60 kobo per share.
The dividend estimate is based on his confirmed direct and indirect holdings totaling 4,233,793,329 ordinary shares or 11.8 percent of the Group’s total issued share capital.
According to the Register of Members as at 31 December 2024, Mr. Otedola holds 1,689,811,721 shares directly and 2,543,981,608 shares indirectly through Calvados Global Services Limited.
Shares held by Barbican Capital Limited—amounting to 3,104,505,355 units—are not associated with Mr. Otedola and therefore are excluded from this calculation.
At the declared dividend of ₦0.60 per share, Mr. Otedola is set to receive ₦2,540,275,997.40, subject to withholding tax as required by Nigerian tax regulations.
The dividend, recommended by the Board of Directors under Section 426 of the Companies and Allied Matters Act (CAMA) 2020, amounts to ₦25.13 billion for the 2024 financial year, an increase of over 75 percent from the ₦14.36 billion paid in 2023.
The growth in dividend payout is supported by the Group’s strong earnings performance for the year.
First HoldCo Plc posted a profit after tax of ₦663.49 billion, reflecting a significant improvement in core income, fee-based revenue, and trading performance.
The company’s enhanced earnings capacity has enabled the board to recommend a higher return to shareholders, further solidifying its position in the Nigerian financial services sector.
Otedola’s holding in First HoldCo Plc underscores his strategic stake in one of Nigeria’s most diversified financial institutions and reinforces the growing role of institutional and high-net-worth investors in driving capital market activity.
The proposed dividend is subject to shareholder approval at the company’s Annual General Meeting and will be paid after all necessary regulatory and tax deductions.
