Otedola’s Stake in First Bank Soars to 40% Amid Controversial Off-Market Deal with Otudeko, Odukale

A cloud of uncertainty surrounds a significant share transaction involving Oba Otudeko and Hassan Odukale on one side, and billionaire businessman Femi Otedola on the other, regarding First HoldCo—the parent company of First Bank.

The deal saw Otedola, who currently chairs First HoldCo, acquire an unprecedented 40% stake in the group, the largest in the bank’s history and among Nigeria’s tier-1 banks. The shares were reportedly transferred from the holdings of Otudeko and Odukale, both former chairmen of the financial group. However, the Nigerian Exchange Limited (NGX) has yet to confirm the transaction. When contacted, NGX spokesperson Clifford Akpolo stated, “I am not aware of these transactions as the NGX Reg has not notified the NGX,” despite exchange rules requiring notification for any transaction involving 5% or more of a company’s shares.

The deal, which reportedly covered about 25% of First Bank’s total shareholding, appears to have been conducted off the trading floor. Sources within the bank suggest the transaction may be linked to a settlement between the current board and the former chairmen, who allegedly agreed to divest in exchange for halting ongoing legal actions against them.

Executed via 17 negotiated trades at ₦31 per share, the deal involved the transfer of 10.43 billion shares—worth over ₦324 billion. Trading data and capital market insiders confirmed the transactions, naming First Securities Ltd as the sole buyer. The sellers included CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd, which interestingly also acted as a seller in select trades.