It’s Official: Otudeko Sells FirstHoldCo Shares for N196bn

Oba Otudeko, a long-time significant shareholder in First HoldCo, has offloaded his shares in the parent of the country’s oldest lender FirstBank for N195.7 billion after a years-long tussle involving billionaire businessman Femi Otedola, who became the chair of the company last year.

A total of 6,314,116,229 units were sold by Otudeko’s Barbican Capital Limited for N31 per share on Wednesday, according to a document obtained by Markets Reporters from the Nigerian Exchange Limited on Friday.

In 2021, Otedola loaded up on the shares of First HoldCo, then known as FBN Holdings, and emerged the biggest individual shareholder. In January 2024, he was appointed chairman of the company, less than six months after he became a non-executive director.