In a mega deal linked to Mr Femi Otedola, was executed on the NGX Exchange on Wednesday July 16, 2025, as a total of 10.5 billion shares was acquired by him, raising his current 15 percent holdings in FirstHoldco Plc to about 40 percent.
The total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares, on the floor of the Nigerian Exchange Limited (NGX), gave Otedola total control of Nigeria’s oldest bank.
Oba Otudeko, the erstwhile Chairman of FirstHoldco, was forced to sell off over 20 percent of shares linked to him as the bank’s management, con- trolled by Otedola, moved to criminalise and prosecute Otudeko’s past misdeeds in the Federal High, Lagos, even when the issues had been settled commercially with regulatory action. With these share transactions, First Bank is expected to withdraw its criminal complaint against Otudeko who at 82 can retire gracefully with over N300 billion in cash, reports ThisDay.
Another long-term shareholder; The Hassan Odukales voluntarily exited the bank and sold 5 percent of their holdings in a mega transaction as they seek better shareholder value elsewhere.
These acquisitions by Otedola, markets believe, is the first step to bringing stability to the troubled bank after years of shareholders in fighting.
But the challenge ahead is raising the N500 billion new share capital before CBN deadline less than a year away.
They will need to raise another N154 billion and contend with non-performing loans of up to a trillion naira and CBN directives to end forbearance.
It was gathered that the off-market deal was executed at a fixed price of N31.00 per share on NGX as the lender’s stock price yesterday gained 9.9 per cent to close at N32.2 per share.
A source disclosed that the transactions were negotiated deals, which meant the trades were arranged privately between parties and then reported to the Exchange—not through the regular buy/sell orders seen during daily trading sessions.
Findings showed that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Ltd, Meristem Stockbrokers Ltd, Renaissance Capital (Rencap) Securities Ltd, Regency Asset Management Ltd, United Capital Securities Ltd, Stanbic IBTC Stockbrokers Ltd as the seller of First Holdco’s stock.
It was learnt that First Securities Ltd also acted as seller in some deals, indicating a portfolio reshuffling or inter-account transfer.
A significant negotiated off-market trade rippled through the NGX, pushing the market value past N1.44 trillion.
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