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First HoldCo’s Shareholders Lose N67bn After Report Of Oba Otudeko’s Impending Exit

June 13, 2025
by
First Bank Changes Names Of Its Subsidiaries In UK, Some Sub-Saharan African Countries

First HoldCo’s shareholders lost over N67 billion on Friday, June 13, amid reports that two majority investors in the company, Oba Otudeko and the Leadway Assurance/Olukayode Odukale bloc, plan to sell off their stakes in the company.

According to a report on Wednesday, June 10, Otudeko and Odukale are reportedly planning to sell their shares to Femi Otedola, the majority shareholder in First HoldCo, at N31 per share, compared to the N29.8 kobo the company’s shares were trading on the day the report was published.

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Oba Otudeko owns 3,10 billion shares or an 8.65 percent stake in First HoldCo through Barbican Capital Limited, indicating Otudeko is willing to sell his 8.65 percent stake for N96.23 billion.

On July 10, 2023, reports had circulated that First HoldCo had notified the investing public between July 8 and 9 that Otudeko had acquired the shares.

At the time, First HoldCo’s shares were trading around N20.30 kobo, which puts Otudeko’s investment value at N63.02 billion during the period, according to Prime Business Africa’s analysis.

This means Otudeko will be walking out of First HoldCo with N33.21 billion extra or a 52.70 percent increase in his investment, which is currently valued at N87.54 billion, as the company’s shares closed trading on Friday, June 13, at N28.2 kobo per share.

The current shares held by Odukale are not public.

Following the report on Wednesday that Otudeko and Odukale are selling off their shares, the company’s share price dipped on Friday to N28.2 kobo, from N29.8 kobo, after the stock market resumed trading from Thursday’s public holiday to mark Democracy Day.

The 5.36 percent decline in First HoldCo’s share price cost the company’s shareholders N67 billion within five hours of trading, and also reduced the financial institution’s market valuation.

According to Prime Business Africa’s analysis, First HoldCo’s market valuation dropped from N1.24 trillion to N1.18 trillion.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline)
Email: publisher@primebusiness.africa and editor@primebusiness.africa

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