Prime Business AfricaThe value of investment held by Oba Otudeko in First HoldCo, the parent company of First Bank, has dropped by N6.82 billion within the first half (H1) of 2025, according to Prime Business Africa’s analysis.
Otudeko, who was First HoldCo’s chairman before he was ousted by the Central Bank of Nigeria (CBN) in April 2021, held N87.54 billion investment in the financial institution at the start of the year.
Join our WhatsApp ChannelHowever, between January 2 and June 30, the businessman’s investment value has dropped to N80.71 billion, although he still holds 3.10 billion shares in the lender, representing an 8.65 percent stake, which makes him the second majority shareholder of the firm.
Prime Business Africa gathered that Otudeko’s investment value fell following a 7.80 percent decline in First HoldCo’s share price in the first six months of this year, based on data obtained from the Afx Kwayisi.
During the first half of this year, the company’s share value had decreased marginally from N28.20 kobo on January 2 to N26 on July 3, reflecting a decline in patronage from stock market investors.
With the share price reducing by N2.2 kobo, First HoldCo’s market valuation fell to N1.08 trillion at the end of the second quarter (Q2), from N1.18 trillion recorded at the start of the first quarter (Q1), indicating a N92.13 billion loss in market capitalisation.
Furthermore, the N80.71 billion held by Otudeko at the end of the first half is about N17.69 billion higher than the N63.02 billion the billionaire had reportedly bought the 3.10 billion shares, which he holds through Barbican Capital Limited.
Although a report had circulated on June 10 that Otudeko is planning to sell his shares to Femi Otedola, First HoldCo’s chairman and majority shareholder, more than a year after a power tussle involving both investors.
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
