Otudeko Sells His Shares in First Holdco for N323bn

Oba Otudeko, one of Nigeria’s most well-known businessmen and a major shareholder in First Bank Holding Company Plc (First Holdco), has officially sold his shares in the company. The total value of the deal was a staggering N323.33 billion.

The transaction involved over 10 billion shares specifically, 10.43 billion changing hands in a single block deal on the Nigerian Exchange (NGX). Each share was sold at an average price of N31, making it one of the biggest deals in recent times. The shares traded represent about 25% of the entire company’s stock.

Block deals like this are often done off-market, using what’s called a “negotiated window.” This allows the buyer and seller to agree on the terms and price of the deal before it is finalized through the exchange. 

For now, the name of the buyer has not been made public, but filings are expected soon, and the Central Bank of Nigeria will still have to approve any new major investor, since it’s a bank holding company.

Otudeko’s exit marks a major shift in the ownership of First Holdco. Analysts believe this clears the way for the company’s new chairman, Femi Otedola, to push forward with his own plans and reforms. 

Otedola, another big name in Nigeria’s business world, took over as chairman not long 

ago and has shown strong interest in reshaping the bank’s future.

Following the news of the deal, First Holdco’s share price jumped to N32, and its market value crossed N1.3 trillion. The block transaction also boosted trading activity on the Nigerian Exchange, with total market turnover soaring by over 800% to 11.67 billion shares worth N363.41 billion.

Reacting to the development, Boniface Okezie, who leads the Progressive Shareholders Association, said the deal is a big win for First Bank. According to him, the sale gives the bank room to strengthen its capital, especially with the Central Bank pushing for recapitalisation across the sector.

“First Bank is now better positioned for the future,” he said. “As Nigeria’s oldest bank, this gives them a fresh start to stay ahead of the game, even as competition grows tougher.”

Otudeko’s departure may be the end of an era, but for First Holdco, it could also be the beginning of a bold new chapter.