BREAKING: Otedola Set to Take Full Control of FirstBank — Otudeko & Odukale to Sell Their Stakes

  • Weekly Giveaway for our active users. N50,000 per Week. Do you want to contribute to this community? We are looking for contribution? What is hot right now? Sign up and get in on the ground floor of the newest, fastest growing Nigerian forum!

Olori Uwem

Well-Known Member
Mar 18, 2024
1,285
73
48
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.