First Holdco Plc has recorded a major shift in its shareholding structure following the confirmed exit of former majority shareholder, Oba Otudeko, in a ₦323.33 billion negotiated block transaction.
According to sources familiar with the matter, 10.43 billion ordinary shares were transferred in 17 off-market deals at an average price of ₦31 per share.
The transaction accounts for approximately 25 percent of the group’s issued share capital of 41.87 billion shares.
The off-market block trades were executed through NGX’s negotiated window, which allows large shareholders to pre-arrange transactions outside the open market to avoid price volatility and ensure efficient execution.
While regulatory filings confirmed the disposal of the shares, market disclosures did not identify the acquirer. Under existing NGX rules, a post-transaction disclosure period is permitted for parties involved in negotiated deals.
However, market analysts expect details of the new investor to surface in the coming days.
Sources familiar with the matter indicated that the disposed shares were held by the Otudeko family, long-standing stakeholders in the group.
Oba Otudeko, a former chairman of First Bank, had been at the center of an extended governance dispute involving multiple shareholders and regulatory scrutiny.
Following the transaction, attention has shifted to Femi Otedola, the current chairman of First Holdco and the largest individual shareholder.
Otedola’s entry into the banking group triggered a series of executive changes and corporate realignments. The new block trade is expected to further consolidate his influence within the group.
First Holdco’s share price rose to ₦32 after the transaction, pushing its market capitalisation above ₦1.3 trillion. The block deal also drove the market turnover with NGX reporting a 807 percent surge in total volume to 11.67 billion shares, valued at ₦363.41 billion.
Under financial market regulations, any investor acquiring a significant stake—defined as five percent or more—is required to notify the exchange and obtain relevant approvals.
In the banking sector, the Central Bank of Nigeria (CBN) must also conduct fit-and-proper assessments on new significant shareholders to ensure regulatory compliance and governance stability.
Stakeholders have described the deal as long-expected, citing persistent shareholder conflicts and regulatory interventions in recent years. With the Otudeko family now out of the ownership structure, market participants are anticipating a more stable governance framework under Otedola’s leadership.
The CBN is expected to vet and approve any incoming significant shareholder once regulatory filings are submitted. Market watchers are also awaiting clarity on whether the buyer is a single entity or a consortium.
