Oba Otudeko Sells First Holdco Shares in Historic ₦323bn Block Deal

In a major development within Nigeria’s financial sector, Oba Otudeko has officially exited his stake in First Bank Holding Company Plc (First Holdco), marking the end of a significant era. The transaction, worth a massive ₦323.33 billion, involved a block deal of 10.43 billion ordinary shares executed on the Nigerian Exchange Limited (NGX).

Details of the Transaction

The shares were traded in 17 off-market, negotiated deals at an average price of ₦31 per share. This transaction accounts for a 25% stake in First Holdco, which has a total of 41.87 billion outstanding shares. The NGX’s negotiated window allows large-volume trades to be pre-arranged, offering flexibility and confidentiality for high-value deals.

Although the buyer’s identity remains unknown at this time, regulatory filings are expected soon. Any significant acquisition within the banking sector is subject to scrutiny and approval by the Central Bank of Nigeria (CBN), especially in line with ongoing recapitalisation mandates... Read complete content click link below

Otedola’s Growing Influence Market analysts suggest that Otudeko’s exit paves the way for a new phase of reforms led by billionaire investor Femi Otedola, who now chairs First Holdco. His leadership is anticipated to usher in a renewed strategic direction and stronger governance structure.

Impact on Stock Market and Investor Sentiment The deal sparked a positive response from investors. First Holdco’s share price rose to ₦32, pushing the company’s market capitalization above ₦1.3 trillion. The overall activity on the NGX also surged, with total market turnover increasing by 807%, totaling 11.67 billion shares worth ₦363.41 billion.