Table of Contents
Key Points
- Oba Otudeko exits First HoldCo in multimillion-dollar deal, ceding stake in Nigeria’s oldest bank.
- Femi Otedola consolidates control, likely buyer of Otudeko’s shares, remains First Holdco’s largest shareholder.
- First Holdco shares jump, NGX turnover surges 807% as market reacts to leadership shakeup.
Nigerian businessman Oba Otudeko has exited First Bank’s parent company, First HoldCo Plc, after a N323.33 billion ($211.4 million) off-market deal, marking a pivotal shakeup in the leadership of Nigeria’s oldest banking group. The buyer, still undisclosed, acquired 10.43 billion ordinary shares, representing 25 percent of the group, through 17 negotiated block trades on the Nigerian Exchange (NGX) at N31 ($0.02) per share.
Insider sources say the shares belonged to the Otudeko family, long entangled in a bitter boardroom battle with other key stakeholders. While the identity of the acquiring party has not been officially disclosed, analysts point to Otedola as the likely buyer, aligning with earlier reports of his plans to consolidate control over the group.
A power shift in Nigeria’s oldest banking group
The exit ends Otudeko’s decades-long influence over the 130-year-old financial institution. Otudeko, founder of the Honeywell Group and the Oba Otudeko Foundation, was ousted as First Holdco’s chairman in 2021. By 2023, Ecobank sought to seize shares over unpaid debts allegedly funneled through Barbican Capital. In 2025, he was charged in a N30 billion ($19.6 million) loan fraud case, with legal proceedings ongoing.
His departure paves the way for a clearer strategic path under Otedola, who now chairs the board and owns the largest individual stake—11.8 percent—in First HoldCo. Otedola, also chairman of Geregu Power Plc, has reshaped the bank’s leadership and initiated a cleanup of legacy loans.
Shares rally as market cheers new chapter
First HoldCo shares rose to N32.2 ($0.02) after the trade, lifting the group’s market cap above N1.3 trillion ($883.5 million). The deal sent trading volumes soaring, with turnover on the NGX up 807 percent to 11.67 billion shares, valued at N363.41 billion ($237.9 million).
“The transaction was expected. It’s a clean slate,” said a senior investment banker. Analysts see the development as a strategic reset, allowing the group to accelerate reforms, rebuild investor confidence, and deepen regional expansion.
Otedola’s continental ambition
With the deal, Otedola tightens his hold on First Holdco at a time when the group is eyeing continental growth. The financial services giant reported over $660 million in earnings in 2024, signaling strong fundamentals despite Nigeria’s macroeconomic headwinds. Otedola’s broader role in Nigeria’s economy, from banking to energy, positions him as a key figure in shaping the country’s next financial era.
