Otudeko Bows Out of First Holdco After N323bn Share Block Sale

In a landmark transaction on the Nigerian Exchange Limited (NGX), Oba Otudeko has exited his stake in First Bank Holding Company Plc (First Holdco), ending a significant chapter in the history of Nigeria’s oldest banking group.

The massive off-market transaction involved the sale of 10.43 billion ordinary shares—representing 25 per cent of First Holdco’s total shareholding—executed through 17 negotiated block deals at an average price of ₦31 per share, amounting to a total value of ₦323.33 billion. The company currently has 41.87 billion outstanding shares.

Executed through the NGX’s negotiated window, the deal allowed both parties to pre-arrange the price and terms before formal settlement on the exchange. While the identity of the buyer remains undisclosed as of press time, regulatory filings are expected to follow in accordance with Nigerian capital market and banking regulations. The Central Bank of Nigeria is also expected to vet and approve any new significant shareholder in the banking group.

Otudeko’s departure from the ownership structure marks a major shift for First Holdco, paving the way for renewed leadership under Femi Otedola, who now chairs the board and is widely expected to lead a new era of reform and strategic growth.

Read also: Top Edo Campaign Strategist Quits PDP Over Party’s Direction

Market sentiment quickly responded to the development, with First Holdco’s share price climbing to ₦32, boosting its market capitalisation to over ₦1.3 trillion. The block deal also catalysed a surge in trading activity on the NGX, with overall turnover skyrocketing by 807 per cent to 11.67 billion shares, valued at ₦363.41 billion.

Commenting on the deal’s significance, Boniface Okezie, National Coordinator of the Progressive Shareholders Association, hailed the development as a transformative moment for the bank.

“First Bank is now positioned on the right side of history. The transaction gives them the breathing room to tidy up their capital position, and given their legacy as the oldest bank in the country, they are in a strong position to outpace younger banks in the recapitalisation race,” he said.

Industry observers say the deal strengthens First Holdco’s competitive edge ahead of the Central Bank’s ongoing recapitalisation directive, which is poised to reshape the banking landscape.

With Otudeko’s exit, First Holdco appears set to enter a new phase of strategic realignment and capital strengthening—bolstered by fresh leadership, renewed investor confidence, and growing market momentum.