Nigerian Businessman Oba Otudeko Exits First Holdco In Multimillion-dollar Deal

Oba Otudeko exits First HoldCo in multimillion-dollar deal, ceding stake in Nigerias oldest bank.

Femi Otedola consolidates control, likely buyer of Otudekos shares, remains First Holdcos largest shareholder.

First Holdco shares jump, NGX turnover surges 807 as market reacts to leadership shakeup.

Nigerian businessman Oba Otudeko has exited First Banks parent company, First HoldCo Plc, after a N323.33 billion 211.4 million off-market deal, marking a pivotal shakeup in the leadership of Nigerias 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 .

The exit ends Otudekos 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 Holdcos 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 stake11.8 percentin First HoldCo. Otedola, also chairman of Geregu Power Plc, has reshaped the banks leadership and initiated a cleanup of legacy loans.

First HoldCo shares rose to N32.2 0.02 after the trade, lifting the groups 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.