Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

Former First Bank Board Chairman, Obafemi Otudeko, has reportedly sold off his shares in First Bank Holding Company (First HoldCo).

This comes two years after he acquired an additional 4.7 billion shares of the company on July 10, 2023, to become the largest investor.

Reports say that the industrialist took part in one of the largest trades recorded by First Holdco on Wednesday, July 16, 2025, where about 10.43 billion shares were traded, representing 25% of the total outstanding shares in the holding company.

There are no official statements from either party yet, but sources say the shares were traded in 17 negotiated deals at a fixed price of N31 per share, well above the N29.95k at which the company shares traded on the same day.

This puts the transaction value at about N323.45 billion, meaning that Otudeko gets to pocket about N300 billion after paying broker fees and others.

The Cable confirmed from sources that the shares sold belong to several entities linked to Oba Otudeko.

Based on reports from several sources, First Securities Limited was the buyer in all 17 deals that involved the transfer of the shares.

The sellers include: Meristem Stockbrokers, Renaissance Capital, CardinalStone Securities, Regency Asset Management, United Capital Securities, Stanbic IBTC Stockbrokers, and First Securities Ltd (also a seller in some of the trades).

This volume of transactions signifies a shift in ownership and is often subject to verification and approval from the regulators.

The transaction now clears the path for Femi Otedola, who already controls about 15% holding, to become the largest shareholder.

Recall that Otedola became the largest individual shareholder in December 2021 after acquiring 7.57% of First Bank HoldCo. He now owns about 15% of the bank following additional purchases.

This move was, however, countered when Otudeko acquired 4.7 billion shares through his Honeywell group in July 2023 despite protests from other shareholders.

There were several objections to his becoming the largest shareholder in the bank, especially given the way he had exited the bank when the CBN dissolved the management and board in 2021, over allegations of corporate governance failure and insider abuse.

The most notable was from Ecobank, which asked the bank to reject Otudeko’s bid until he resolved his outstanding loans with them.

While Otudeko controlled the largest shareholding, Otedola became board chairman on January 31, 2024, and has repeatedly shown to have the backing of board members.

Now, as Board Chairman and majority shareholder, Otedola has tightened his grip on the bank.

In related news, Otedola has shared his next investment plans for First Bank Holding Company.

He announced that by the next state of the capital-raising campaign, his total cash investment in the company would reach N320 billion.

Legit.ng reported that the company has completed its N150 billion rights issue, which was 25% oversubscribed.

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Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng