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 Nigerias 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 handsmarking 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 countrys financial space and one of Africas 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 Nigerias oldest and most influential financial institutions.
Inside the quiet billionaire power moveFresh 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 groups 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 disclosuresjust 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, theres cautious optimism that the bank could be on firmer groundgoverned with clearer oversight and less internal friction.