THE operating expenses of FirstHoldco Plc, First Bank’s parent company, increased by 42 percent year-to-date to September (January to September) 2025, with line items such as advert and corporate promotions, travels, directors’ emoluments and donations/subscriptions surging.
The company spent a total of N597.768 billion on operating expenses from January to September 2025 as against N421.321 billion in the corresponding period of 2024, according to the holding company’s third quarter (Q3) 2025 financial statement seen by Economy Post.
The company’s expenditure on advert and corporate promotions surged over the period, rising from N44.566 billion between January and September 2024 to N121.174 billion in the same period of 2025, marking a 172 percent increase over the period.
FirstHoldco’s directors had a share in the surge, as their emoluments rose 24 percent to N4.73 billion in the 9-month period, from N3.829 billion in the corresponding period of 2024.
Maintenance cost jumped from N88.076 billion in 2024 to N110.816 billion in 2025, marking a 26 percent increase over the period. The company spent N3.885 billion on donations and subscriptions in the 9-month period of 2025 as against N1.767 billion in the same period of 2024, indicating a 120 percent increase in expenditure on donations this year.
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Similarly, First HoldCo expenditure on communication, light and power rose to N33.079 billion in 2025 from N31.436 billion in 2024, marking a 5.2 percemt increase in the cost of these items.
The company similarly spent a huge amount of money on travels as items classified as ‘passages and travels’ gulped N23.989 billion in the 9-month period of 2025 as against N17.667 billion in the corresponding period of 2024, representing a 36 percent increase in the cumulative cost of these items. It also donated N3.885 billion in 2025 as against N1.767 billion in 2024, marking a 119 percent increase over the period.
However, its spend on stationery and printing in 2025 fell to N2.698 billion as against N3.826 billion in the previous year.
A WhatsApp message sent to a FirstHoldco spokesman on why there was an increase in the company’s operating expenditure this year was yet to be replied as at press time.
In spite of these rising expenditures, FirstHoldco’s 9-month profit in 2025 fell by 13 percent to N458.075 billion from N526.279 billion in the corresponding period of 2024.
Otedola’s stake
FirstHoldco Chairman, Mr Femi Otedola, recently acquired additional 369,986,122 shares of the company at N40.06 per share, raising his stake in the institution to 17.56 percent. The total value of the deal stood at N14.82 billion.
Mr Otedola bought the shares through his firm, Calvados Global Services Limited, consolidating his position as the second largest shareholder in one of Nigeria’s tier-1 lenders. Mr Otedola is behind RC Investment Management Limited, who now has 24.92 percent holding in First Holdco as the majority owne
In July 2025, former First Bank Chairmen, Mr Oba Otudeko and Mr Tunde Hassan- Odukale, sold 10.433 billion shares of First Holdco to RC Investments Management Limited.
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The humongous First Bank transaction was brokered by First Securities Ltd, a firm within the FirstHoldCo Group. A number of firms were involved in the sell side of the transaction, including First Securities, CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, United Capital Securities, and Stanbic IBTC Stockbrokers.
The shares were acquired at N31 per share in 17 deals, reliable market sources told Economy Post. The buy transaction was made by Mr Babatunde Samuel Sule-led RC Investments Management Limited, a trustee in the transaction.
Mr Sule is the chief executive office of Rennaisance Capital (RenCap). He joined Renaissance Capital in 2018. Prior to joining Renaissance, he had been involved in the origination, structuring and distribution of products for domestic and international issuers across West Africa, according to Business Insider.
However, he did not buy the shares on behalf of Rennaisance Capital. At least no evidence pointed to that. RC Investments Management Limited, linked to Mr Sule, is a broker, trustee and place holder, and is not linked to RenCap, according to market sources.
Some stock brokers said RC Investments Management Limited was used by both First Holdco and the Nigerian government as a trustee for the transaction.
Mr Sule-linked RC Investment bought nearly 7.787 billion shares from Barbican Capital and RAML, owned by Mr Otudeko.
The firm also bought 2.647 billion shares from firms linked to Mr Hassan-Odukale such as Leadway Holdings, Leadway Pensure PFA, Haskal Holdings, and Leadway/NNPC Staff Pension Investment.
Apart from Rennaisance Capital, Mr Sule is equally connected to RC Africa Limited, Avuso Payment, Odde Properties, and Green Arrow Services Limited, according to Endole.
Financial experts said the transaction was initiated by the Central Bank of Nigeria (CBN) to resolve the long-running battle between Mr Otedola and Mr Otudeko, which had earlier hampered the First Bank’s capacity to raise capital.
