In what’s seen as a major shake-up in Nigeria’s financial services sector, two top investors in First Holding Company Plc, Oba Otudeko and Oye Hassan-Odukale, have sold off nearly 25 percent of their shares in the company.
The move clears the path for the group’s chairman, Femi Otedola, to tighten his grip on ownership.
Reports show that 10.43 billion shares, about one-quarter of FirstHoldCo’s total shares were sold off the market in 17 negotiated deals at ₦31 per share. The massive transaction was completed just as trading ended on Wednesday.
The development pushed the company’s share price up by 9.9 percent, closing at ₦32.20 per share and making it the sixth-best performing stock of the day on the Nigerian Exchange.
The sellers included Otudeko, who held about 8.7% through his firm, Barbican Capital, and Odukale, whose stake had earlier sparked controversy over pension fund investments.
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Otedola, who already owned nearly 12 percent before the deal and has chaired the company since January 2024, is widely believed to be the likely buyer. With FirstHoldCo now valued at over ₦1.3 trillion, analysts say the move marks a turning point for the over 100-year-old institution, setting the stage for a new chapter.
Editor : Ena Agbanoma
