Shake-Up at First HoldCo: Oba Otudeko Exits in Record Deal, Buyer Revealed

Lagos, Nigeria – A monumental shift has occurred in the leadership of Nigeria’s oldest banking group, First HoldCo Plc, as long-standing influential figure Oba Otudeko has divested his stake in a N323.33 billion ($211.4 million) off-market transaction. This pivotal deal, which also saw the exit of another key shareholder, Oye Hassan-Odukale, has ignited a fresh chapter for the institution.

Contrary to earlier speculation, the buyer of the 10.43 billion ordinary shares, representing 25 percent of the group, is RC Investment Management Limited, a company linked to Samuel Babatunde Sule. Both First HoldCo and the Office of the Attorney General of the Federation have explicitly denied that Femi Otedola, the current chairman and largest individual shareholder, or the Federal Government, were the purchasers of these shares.

The transaction, executed through 17 negotiated block trades on the Nigerian Exchange (NGX) at N31 ($0.02) per share, marks the largest off-market deal in NGX history. It comes amidst a backdrop of boardroom battles and regulatory interventions, with insider sources indicating the shares belonged to the Otudeko family, who had been embroiled in disputes with other key stakeholders. The Central Bank of Nigeria (CBN) reportedly brokered this significant sale to resolve a protracted leadership crisis within the bank and facilitate its ongoing capital-raising initiatives, and to address regulatory concerns around the Single Obligor Limit.
Otudeko’s departure concludes his decades-long influence over the 130-year-old financial institution. The founder of Honeywell Group, he was ousted as First HoldCo’s chairman in 2021 by the CBN over alleged corporate governance breaches. His recent legal challenges, including a N30 billion ($19.6 million) loan fraud case in 2025 and a N12.3 billion fraud lawsuit, further underscore the contentious nature of his exit.

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With this development, Femi Otedola, who now chairs the board and holds the largest individual stake—11.8 percent—is positioned to further consolidate control and steer First HoldCo towards a clearer strategic direction. Otedola, also chairman of Geregu Power Plc, has been instrumental in reshaping the bank’s leadership and addressing legacy loans.

The market has responded positively to this leadership shake-up, with First HoldCo shares rising to N32.2 ($0.02) after the trade, pushing the group’s market capitalization above N1.3 trillion ($883.5 million). The deal significantly boosted trading volumes on the NGX, with turnover surging by 807 percent to 11.67 billion shares, valued at N363.41 billion ($237.9 million).

Analysts view this development as a strategic reset, paving the way for accelerated reforms, renewed investor confidence, and deepened regional expansion for First HoldCo, which reported over $660 million in earnings in 2024. Otedola’s increasing influence across Nigeria’s banking and energy sectors positions him as a pivotal figure in the country’s evolving financial landscape.