By Grateful Ogunjebe
A rare off-market block trade involving First Bank Holdings Plc (First HoldCo) shares surged to N323.33 billion on the Nigerian Exchange (NGX) sparking market speculation over a major boardroom realignment.
The transaction, considered one of the largest single-day trades in recent years, involved the exchange of 10.43 billion shares at N31 per share across 17 deals.
The total value of the deal equates to $211.7 million, signalling a potential change in control at Nigeria’s oldest financial institution.
Sources close to the matter indicate that the move was spearheaded by billionaire businessman, Femi Otedola, who currently chairs First HoldCo.
The shares, representing about 25 per cent of the group’s total shareholding, were traded quietly, without the usual flurry of public disclosures.
Following the trade, First HoldCo’s share price rose to N32.2 per unit, pushing the bank’s market capitalisation to approximately N1.35 trillion.
This development has stoked further anticipation among investors awaiting regulatory filings or public confirmations of a shareholding change.
The deal appears to consolidate Otedola’s strategic interest in First HoldCo, especially following reports that former major shareholders, Oba Otudeko and Olukayode Odukale, are gradually stepping aside. Their exit could create an unchallenged path for Otedola to exert stronger influence over the bank’s board and long-term strategy.
Market analysts described the deal as a ‘quiet power shift’, noting that such off-market trades typically indicate deliberate investor strategy rather than spontaneous market movements.
At the group’s annual general meeting in May, Otedola had declared his commitment to increase his stake in First HoldCo through personal funds only.
“This was not a gamble,” he told shareholders. “It was a deliberate decision to rebuild First Bank into a strong, modern, and well-governed institution.”
He also revealed plans to unveil his autobiography in the coming weeks, where he promises to share insights into his business trajectory, risks taken, and lessons learned over the years.
“There have been setbacks, breakthroughs, and moments of reflection. I’ll be sharing those experiences my story, in my own words with the hope that it might encourage the next generation of entrepreneurs,” he said.
Though the NGX is yet to issue a formal disclosure on the transaction, market players say the nature and scale of the trade underscore a new era of boardroom recalibration for First HoldCo. Industry watchers are now waiting for a clearer corporate governance framework as the financial institution moves into a new phase of leadership.
The First HoldCo block trade, executed through negotiated deals, may set a new precedent for large-scale private placements and ownership consolidation within Nigeria’s tier-one banking sector.
With Otedola’s estimated net worth pegged at $1.5 billion, and over three decades of business experience, analysts say his leadership could steady First Bank’s long-volatile structure while driving forward a modernisation agenda aligned with shareholder value.
The transaction falls under the capital market beat, given its execution through the NGX, and may be scrutinised by the Securities and Exchange Commission (SEC) in the coming days.
FY 2025: Otedola’s Power Play Triggers N323bn Block Trade in First HoldCo Shares on NGX
A rare off-market transaction involving 10.43 billion shares of First Bank Holdings Plc has stirred excitement on the Nigerian Exchange (NGX), as billionaire investor and Chairman of the company, Femi Otedola, further cemented his control in what market analysts describe as a defining moment for Nigeria’s oldest financial institution.
The bulk transaction, executed on July 16, saw First HoldCo shares worth N323.33 billion ($211.7 million) exchanged in 17 negotiated deals, each unit sold at N31. The trade represented approximately 25 per cent of the company’s issued share capital. Following the trade, the company’s share price rose to N32.2, pushing its market capitalisation to N1.35 trillion.
Capital market sources confirmed that the deal, categorised as a block trade, was concluded through off-market negotiated transactions rather than through regular open market bidding. The transaction is widely seen as part of Otedola’s strategy to consolidate his grip on the company following the gradual retreat of fellow significant shareholders including Oba Otudeko and Olukayode Odukale.
Although there has been no official regulatory disclosure regarding the identities of the selling parties, sources in the investment community say the transaction likely marks the final exit of Otudeko and possibly Odukale both of whom had been central figures in past boardroom tussles within First Bank.
“This is one of the largest off-market trades in the history of the NGX,” a senior Lagos-based capital market operator told NewsDirect. “It shows that power has finally shifted to Otedola.”
At the company’s 2025 Annual General Meeting, Otedola had publicly announced his plan to increase his stake in First HoldCo using personal funds, a move he described as “a commitment to rebuild the bank into a strong, modern and well-governed institution.” According to him, the investment estimated at N320 billion is being funded without recourse to loans.
Otedola’s increasing stake and influence have been viewed positively by market observers, who see his leadership as potentially heralding a more stable and transparent era at the financial services group. The bank had previously experienced regulatory intervention from the Central Bank of Nigeria due to boardroom crises.
“By deploying his personal funds and not leveraging, Otedola is taking a long-term bet on the institution,” another analyst said.
Otedola also disclosed plans to release an autobiography chronicling his business journey, including his involvement with First Bank. The memoir, expected later this month, will reportedly detail key moments, personal reflections and the billionaire’s business philosophy over the decades.
The NGX is yet to receive an official statement from First HoldCo Plc confirming the new shareholder structure. However, brokers and insiders say the market expects a formal filing in the coming days.
The massive FY 2025 block trade is not only seen as a signal of changing guard but also of renewed investor confidence in the governance structure of First HoldCo. Market participants say the NGX could witness more high-value trades in coming months, as institutional investors continue to reposition themselves in anticipation of post-reform financial sector gains.
With the NGX All Share Index up 32 per cent year-to-date and banking stocks leading the rally, Otedola’s latest move underscores the increasing importance of strategic, self-funded investments in shaping Nigeria’s evolving financial landscape.