BREAKING: Otedola Set to Take Full Control of FirstBank — Otudeko & Odukale to Sell Their Stakes
⚡ What’s Happening?
The long-standing power tussle at FirstBank Holdings (First Holdco Plc) is finally nearing its end!
Major shareholders Oba Otudeko and the Leadway Assurance/Olukayode Odukale bloc are reportedly selling their stakes in the bank to billionaire businessman Femi Otedola at ₦31 per share.
Why Does This Matter?
✅ This move will solidify Femi Otedola’s control over Nigeria’s oldest and one of the largest banks, FirstBank.
✅ It will mark the end of years of boardroom drama, regulatory interventions, and shareholding rivalries involving:
• Oba Otudeko
• Olukayode Odukale (via Leadway Assurance)
• Femi Otedola
✅ Analysts say this consolidation of power could restore strategic focus, stability, and unity within the bank’s board.
Timeline of Otedola’s Takeover Moves:
• 2021–2023: Began quietly accumulating shares.
• July 2024: Acquired 797.9 million shares at an average of ₦21.58/share, totaling ₦17.2 billion.
• Later in 2024: Purchased an additional 534 million shares at ₦30/share, raising his stake to 13.16%.
• Early 2025: Previously held 9.41%.
• August 2023: Joined the board as a non-executive director.
• Early 2024: Became Chairman of the Holding Company.
• Current Status: First and only shareholder to hold over 10% equity.
Market Reactions & Analyst Views:
Premium Buyout: Otedola is paying a 5% premium to acquire the remaining stakes — showing serious commitment.
Leadership Model: His approach is being compared to Jim Ovia (Zenith Bank) and Tony Elumelu (UBA) — strong leadership, long-term vision.
Strategic Wins Under Otedola:
• Headquarters relocation to Eko Atlantic City.
• Renewed brand image and investor confidence.
• A sharp 19% month-on-month stock gain for FirstBank.
What This Means for Investors:
✅ Expect stability and clearer direction from FirstBank going forward.
✅ Otedola’s leadership could drive bolder decisions and modernization.
✅ May result in increased investor confidence and stronger fundamentals.
❗ Watch how the CBN and institutional investors respond to this consolidation.
⚡ What’s Happening?
The long-standing power tussle at FirstBank Holdings (First Holdco Plc) is finally nearing its end!
Major shareholders Oba Otudeko and the Leadway Assurance/Olukayode Odukale bloc are reportedly selling their stakes in the bank to billionaire businessman Femi Otedola at ₦31 per share.
Why Does This Matter?
✅ This move will solidify Femi Otedola’s control over Nigeria’s oldest and one of the largest banks, FirstBank.
✅ It will mark the end of years of boardroom drama, regulatory interventions, and shareholding rivalries involving:
• Oba Otudeko
• Olukayode Odukale (via Leadway Assurance)
• Femi Otedola
✅ Analysts say this consolidation of power could restore strategic focus, stability, and unity within the bank’s board.
Timeline of Otedola’s Takeover Moves:
• 2021–2023: Began quietly accumulating shares.
• July 2024: Acquired 797.9 million shares at an average of ₦21.58/share, totaling ₦17.2 billion.
• Later in 2024: Purchased an additional 534 million shares at ₦30/share, raising his stake to 13.16%.
• Early 2025: Previously held 9.41%.
• August 2023: Joined the board as a non-executive director.
• Early 2024: Became Chairman of the Holding Company.
• Current Status: First and only shareholder to hold over 10% equity.
Market Reactions & Analyst Views:
Premium Buyout: Otedola is paying a 5% premium to acquire the remaining stakes — showing serious commitment.
Leadership Model: His approach is being compared to Jim Ovia (Zenith Bank) and Tony Elumelu (UBA) — strong leadership, long-term vision.
Strategic Wins Under Otedola:
• Headquarters relocation to Eko Atlantic City.
• Renewed brand image and investor confidence.
• A sharp 19% month-on-month stock gain for FirstBank.
What This Means for Investors:
✅ Expect stability and clearer direction from FirstBank going forward.
✅ Otedola’s leadership could drive bolder decisions and modernization.
✅ May result in increased investor confidence and stronger fundamentals.
❗ Watch how the CBN and institutional investors respond to this consolidation.