Table of Contents
Key Points
- $211.7 million off-market block trade involving First HoldCo shares sparks rare trading volume on the Nigerian Exchange.
- Signs point to Femi Otedola consolidating control as fellow major shareholders quietly exit Nigeria’s oldest financial institution.
- Otedola reaffirms commitment to self-funded stake increase, plans to share business journey in upcoming autobiography.
The Nigerian Exchange (NGX) came alive yesterday, July 16, as shares worth $211.7 million changed hands—marking one of the busiest trading days in recent memory. At the center of the action was Nigerian billionaire Femi Otedola, a major player in the country’s financial space and one of Africa’s wealthiest men, with an estimated fortune of $1.5 billion, according to Forbes.
The timing of the trade is no coincidence. Just last month, reports surfaced that Otedola was moving to strengthen his position at First HoldCo Plc, the parent company of First Bank. Fellow shareholders Oba Otudeko and Olukayode Odukale had begun stepping back, quietly signaling the end of an era. Their retreat could clear the way for Otedola to take on a more prominent leadership role at one of Nigeria’s oldest and most influential financial institutions.
Inside the quiet billionaire power move
Fresh data tracked by Billionaires.Africa shows that yesterday, July 16, a major off-market deal was executed on the NGX involving 10.43 billion shares of First HoldCo, equivalent to about 25 percent of the company. The shares were sold at N31 each, across 17 separate deals, totaling N323.33 billion ($211.7 million). Following the transaction, the stock rose to N32.2, pushing the group’s market value to N1.35 trillion ($884 million).
Inside the NGX, the atmosphere was unusually quiet for such a large trade. Among brokers, however, speculation was high. Many believed this bulk deal signaled the long-anticipated departure of Oba Otudeko, whose influence on the bank has been both significant and, at times, controversial. There were no public statements or formal disclosures—just a low-key shift in control executed through negotiated trades.
What comes next remains to be seen. The market is now watching for a regulatory filing or a formal announcement confirming the changes in shareholding. Still, the message is already being felt: a new phase may be beginning at First HoldCo. With previous leadership disputes possibly fading into the past, there’s cautious optimism that the bank could be on firmer ground—governed with clearer oversight and less internal friction.
Inside Otedola’s self-funded bank bet
Otedola hasn’t hidden his intentions. At the bank’s annual general meeting in May, he told shareholders of his plan to raise his personal stake in the company to more than N320 billion ($200.9 million), using only his own funds, no borrowed money. “This was not a gamble,” he said at the time. “It was a deliberate decision to rebuild First Bank into a strong, modern, and well-governed institution.” His remarks underscored his commitment to turn the page on the bank’s turbulent past.
And now, he’s preparing to tell more of his story. Earlier today, Otedola announced that he’s putting the finishing touches on his autobiography—a book he says will explore the highs, lows, and defining moments that have shaped his decades-long career in business.
“I’ve walked this path myself,” he said. “There have been setbacks, breakthroughs, and moments of reflection. In the coming weeks, I’ll be sharing those experiences—my story, in my own words—with the hope that it might encourage the next generation of entrepreneurs.”
Sources close to him say the book is expected to hit shelves in a matter of days. At 62, with more than three decades of experience and a net worth of over $1.5 billion, Otedola says he feels the time is right to offer a deeper look behind the headlines. For someone who has helped shape Nigeria’s economy, this isn’t just a memoir—it’s a way to pass on what he’s learned.