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Oba Otudeko Exits First HoldCo, Sells Off Shares

July 17, 2025
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The former chairman of First Bank, Oba Otudeko, has exited First HoldCo, as he partook in 17 deals to trade 10.43 billion shares, worth N323.45 billion, on Wednesday, July 16.

According to reports, the shares were sold to First Securities Ltd, through CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd, which acted as both buyer and seller in select trades.

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The shares were sold at N31 per share.

On July 10, 2023, reports had circulated that Otudeko bought 4.7 billion shares of FBN Holdings – now known as First HoldCo – through Honeywell Group.

Otudeko sold off his shares a month after it was reported that he and Leadway Assurance/Olukayode Odukale bloc plan to sell their shares to Femi Otedola, the current chairman of First HoldCo and majority shareholder of the lender.

The acquisition of shares by Otudeko three years ago had led to a power tussle between him and Otedola.

However, in October 2023, despite the acquisition of 4.7 billion units of FBNH shares by Otudeko, with his company, Barbican Capital Limited, holding a 13.3% equity stake in the company, Otedola emerged as the largest shareholder.

Consequently, Otedola was appointed as the chairman of First HoldCo on January 31, 2024.

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

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