The shares of First HoldCo Plc, the parent company of Nigeria’s oldest lender, First Bank, fell by 4.1% on Friday after former major shareholder Oba Otudeko offloaded his stake in a landmark transaction valued at ₦195.7 billion ($127.9 million).
According to the Nigerian Exchange Limited (NGX), the group’s share price closed at ₦33.95 ($0.022) per share on Friday, down from ₦35.40 ($0.023) the previous day. With a market capitalisation of ₦1.42 trillion ($926.3 million), the drop underscores investor reaction to the high-profile exit of one of the company’s long-standing power players.
Otudeko’s divestment was executed through Barbican Capital Limited, which sold 6.31 billion shares at ₦31 per share ($0.020) in an off-market transaction on Wednesday, July 16. The deal, one of the largest single-day off-market trades seen this year, was disclosed in a regulatory filing with the NGX on Friday.
The sale marks a definitive end to a multi-year boardroom tussle between Otudeko and billionaire investor Femi Otedola, who first began acquiring shares in the company—then known as FBN Holdings—in 2021. Otudeko, despite stepping down as chairman in 2010, was believed to be working behind the scenes to retain his influence over the bank.
Tensions escalated in 2023 when Barbican Capital quietly acquired a significant stake, sparking renewed speculation of Otudeko’s comeback. However, the power struggle shifted decisively when Otedola was appointed non-executive director in July 2023, followed by his elevation to chairman in January 2024, consolidating his leadership within the holding company.
Despite Friday’s dip, FirstHoldCo shares have shown strong performance this year. According to data from African Stock Exchanges, the stock opened in 2025 at ₦28.05 ($0.018) and has gained 21% year-to-date, ranking it 88th in NGX performance so far. Over the last four weeks alone, it has posted a 26% gain, making it the 55th best performer on the exchange in that period. The stock is also the 14th most traded on the NGX between April 14 and July 18.
Analysts say Otudeko’s exit may open the door for new institutional investors or allow Otedola to further increase his stake, potentially cementing a new era of leadership at the bank. The focus now turns to how the company leverages this transition to sustain its upward momentum in Nigeria’s competitive financial sector.
The figures were originally reported in naira, and have been converted using $1 = ₦1,533 as of July 17, 2025.
