A major shift in ownership has taken place at Nigeria’s oldest banking group, First Holdco Plc, following the exit of prominent shareholder, Oba Otudeko, in a transaction valued at N323.33 billion.
The deal involved the exchange of 10.43 billion ordinary shares through 17 off-market, negotiated transactions on the Nigerian Exchange (NGX), priced at an average of N31 per share.
The volume represents roughly 25% of the group’s total outstanding shares of 41.87 billion.
Off-market negotiated trades allow parties to agree on transaction terms—including price and volume—outside the general market, with formal transfers processed through the NGX.
Insider sources confirmed the traded shares were held by the Otudeko family, which has been in a long-running ownership dispute with the bank.
First Holdco has three major known shareholders: the Otudekos, Femi Otedola, and Hassan-Odukale.
Other shareholders have notable but non-significant stakes, as defined by regulatory thresholds of 5% or more.
As of close of trading, the identity of the buyer remained undisclosed, as regulatory provisions permit a grace period for filing change-of-ownership documents.
Any significant investor in a Nigerian bank must receive clearance from the Central Bank of Nigeria (CBN).
Industry sources view the transaction as a resolution to the prolonged conflict within First Holdco’s leadership. Oba Otudeko, a former chairman, had overseen several key periods in the group’s development.
His exit potentially clears the path for a new era under billionaire investor and current chairman, Femi Otedola.
Otedola, who holds the single largest individual stake in First Holdco, has initiated sweeping reforms since taking leadership.
His tenure has seen a shake-up of senior management and legal actions against various debtor-stakeholders.
Market sentiment responded positively to the transaction, with First Holdco’s share price climbing to around N32, lifting its market capitalisation above N1.3 trillion. The block trade also spurred a sharp increase in NGX turnover, which surged by 807% to 11.67 billion shares valued at N363.41 billion.
Market analysts hailed the move as long-expected and potentially transformative. “It was only a matter of time,” one senior investment banker told Newsmen, describing the development as a new chapter for the banking group. Many believe this deal could mark a pivotal moment for First Holdco, providing the stability needed to advance its restructuring plans.
