Lagos, Nigeria – In a landmark transaction, prominent business mogul Oba Otudeko has exited First HoldCo Plc—the parent company of First Bank—after selling approximately 10.43 billion ordinary shares in a ₦323.33 billion off-market block deal, marking an exit of nearly 25% equity in the group.
The shares were transacted in 17 negotiated trades at an average price of ₦31 per share, leveraging the Nigerian Exchange’s (NGX) block-trading window for large-scale, off-market arrangements.Nairaland+3The Nation Newspaper+3Western Post+3 The transaction involved about one-quarter of First HoldCo’s total 41.87 billion outstanding shares, consolidating control elsewhere in the group.
Market sources indicate that Femi Otedola, the group’s chairman, is the primary beneficiary of the deal, significantly ramping up his ownership from approximately 15% to close to 40%, giving him a dominant stake in the institution.
Although the identity of the counterparty was not officially disclosed, First Securities Ltd—an affiliate brokerage of First HoldCo—acted as the buyer, suggesting internal restructuring or portfolio reshuffling.Western Post+6Nairametrics+6Latest Nigerian News+6 Regulatory filings remain pending, as the Central Bank of Nigeria must vet and approve any new significant shareholder.The Nation Newspaper
Investor sentiment was positive following the transaction: First HoldCo’s share price rose to around ₦32.20, pushing its market capitalisation beyond ₦1.3 trillion, and total NGX turnover skyrocketed by 807%, as the block trade lifted broader market activity.
Analysts believe the deal marks the end of a prolonged power tussle among major stakeholders—including Otudeko, the Odukale group (Leadway Assurance), and Otedola—that had fragmented leadership and strategic direction for years. With Otedola consolidating his quarry, many expect further corporate reforms and renewed stability under his stewardship.
As First HoldCo gears up to raise another ₦154 billion to meet Central Bank capitalisation mandates, Otedola’s increased majority could prove pivotal in driving the bank’s next phase of expansion and compliance.
