Two of First HoldCo Plc’s biggest shareholders, Oba Otudeko and Oye Hassan-Odukale, have divested their stakes in the financial services group, effectively clearing the way for billionaire businessman Femi Otedola to consolidate his control of the company.

Our correspondent on Thursday that 10.43 billion shares nearly 25 per cent of the group’s outstanding shares  were exchanged in 17 negotiated off-market deals on Wednesday at ₦31 per unit. The transaction significantly altered the ownership structure of the holding company.

The news spurred investor interest in First HoldCo, driving its share price up by 9.9 per cent to close at ₦32.2 on the Nigerian Exchange, making it the sixth-best performing stock of the day. The rally pushed the company’s market valuation above ₦1.3 trillion its best outing since February 17.

“Immediately the information entered the market, it pushed the share price sharply upwards,” a trader familiar with the transaction disclosed, requesting anonymity due to the sensitivity of the matter.

Oba Otudeko, a former chairman of FBN Holdings (now First HoldCo), served from 2012 until his ouster in 2021 by the Central Bank of Nigeria (CBN) over alleged breaches of corporate governance. His holding, through Barbican Capital Limited, was 3.1 billion shares (8.7 per cent) as of December 2024.

Otudeko and Otedola had been locked in a boardroom tussle for control of First HoldCo. In January 2025, Otudeko wrote to the board seeking Otedola’s removal and requesting his own reinstatement as chairman. That same month, he was named in an EFCC lawsuit for alleged involvement in a ₦12.3 billion fraud alongside former FBN CEO Bisi Onasanya.

Oye Hassan-Odukale, another key figure in First HoldCo’s ownership history, had claimed a cumulative 5.36 per cent stake in the group following Otedola’s 2021 entry as majority shareholder. However, controversy surrounded his inclusion of a 1.05 per cent stake held by Leadway Pensure PFA a firm he owns as part of his personal holdings. Both the Nigerian Exchange and the National Pension Commission rejected that claim, stating the funds belonged to RSA contributors, not to any single individual.

Femi Otedola, who was previously not in the top ownership ranks of First HoldCo, entered the scene in October 2021 with a 5.07 per cent acquisition via off-market deals. He later increased his stake to 7.57 per cent by year-end.

In January 2024, he was appointed chairman of the board, and by June, his stake had risen to 11.6 per cent after purchasing an additional 797.7 million shares valued at over ₦36 billion. As of December 31, 2024, Otedola’s direct and indirect stakes stood at 4.71 per cent and 7.09 per cent, respectively totaling 4.23 billion shares according to First HoldCo’s latest audited financials.

Otedola also owns a controlling interest in Geregu Power Plc, which is listed on the Nigerian Exchange.

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