Otedola raises shares in FirstHoldco to 40%

Billionaire businessman Femi Otedola has increased his holdings in FirstHoldco Plc from 15 per cent to 40 per cent.

The increase on Wednesday, July 16, 2025, gave Otedola the total control of FirstHoldco Plc.

The erstwhile Chairman of FirstHoldco, Oba Otudeko, was also forced to sell off over 20 per cent of shares linked to him.

With the share transactions, First Bank is expected to withdraw its criminal complaint against Otudeko who at 82 can retire with over N300 billion in cash.

Another long term shareholder, The Hassan-Odukales, voluntarily exited the bank and sold 5 per cent 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 shareholder in fighting.

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It was gathered that the off-market deal was executed at a fixed price of  N31.00 per share on the Nigerian Exchange Limited (NGX) as the lender’s stock price on Wednesday gained 9.9 per cent to close at N32.2 per share.

17 separate deals which occurred on Wednesday involved 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 FirstHoldco’s stock.

It was further learnt that First Securities Limited 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.

The Star