Byline: Lagos | July 17, 2025
Former Chairman of First Bank, Oba Otudeko, has divested his remaining stake in First HoldCo, two years after acquiring a significant portion of the financial group’s shares.
On Wednesday, the Nigerian Exchange Limited (NGX) recorded the trading of 10.43 billion shares of First HoldCo, signaling one of the largest block trades in the company’s recent history. While the NGX has not officially confirmed that all the traded shares belonged to Otudeko, multiple sources suggest that the sale involved entities linked to him.
Efforts to confirm the ownership of the shares were met with limited responses. NGX spokesperson Clifford Akpolo stated: “Let me quickly speak to my Regulation team,” when contacted for clarification. First Bank’s spokesperson, Mr. Ismail, did not respond to text messages or calls seeking comment.
The massive transaction, which represents approximately 25 percent of First HoldCo’s total outstanding shares, was executed through 17 negotiated deals at a fixed price of ₦31 per share — bringing the total value to ₦323.45 billion.
According to insider sources, the buyer in all 17 trades was First Securities Ltd. The sellers included a mix of top brokerage firms such as CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd itself, which acted as both buyer and seller in select transactions.
The sale marks a major shift in the ownership structure of First HoldCo and clears the way for billionaire investor Femi Otedola, currently the largest individual shareholder, to further solidify his control of the financial group.
This development comes just two years after Honeywell Group, chaired by Otudeko, controversially acquired 4.7 billion shares in FBN Holdings (now First HoldCo), sparking a boardroom tussle with other stakeholders, including Otedola.
Otudeko’s exit also follows a turbulent era in the bank’s history. Between the late 2000s and early 2020s, First Bank’s balance sheet reportedly suffered under the weight of non-performing insider-related loans, many allegedly linked to companies associated with Otudeko.
With this latest transaction, industry analysts view the move as a strategic realignment that could reshape the leadership dynamics within one of Nigeria’s oldest and most influential financial institutions.
