Otedola Sidelined? 25% First Holdco Shares Securely Tucked Under FG’s Trustee Control!

Contrary to previous reports suggesting that billionaire businessman Femi Otedola had expanded his stake in First Holdco Plc to 40% from an earlier 15%, fresh revelations indicate that the acquisition was actually executed by a trustee representing the federal government.

According to iReporter Online, the shares were secured through a custodial arrangement facilitated by the Office of the Attorney General in collaboration with the Central Bank of Nigeria (CBN). The move was part of a strategic intervention aimed at stabilizing the ownership structure of the financial institution amid ongoing shareholder conflicts.

A source close to the matter disclosed that the acquired shares are temporarily held by the trustee for a two-to-three-week window, during which decisions will be made regarding the future of the holdings and the bank’s capital raise plan, in line with the CBN’s recapitalization directive.

According to iReporter Online, this intervention followed months of internal strife between major shareholders, including a high-profile legal battle between Oba Otudeko and the Otedola-backed management of First Bank. To avert prolonged litigation and regulatory uncertainty, the CBN and the Attorney General’s office brokered a non-legal resolution that led to Otudeko’s quiet exit, in exchange for the withdrawal of criminal charges.

On Wednesday, the Nigerian Exchange Limited (NGX) witnessed a market jolt with a massive N324.47 billion transaction involving 10.47 billion units of First Holdco Plc shares traded off-market—an unusual movement that raised questions. According to iReporter Online, the deal was executed through block trading at a fixed price of N31.00 per share, despite the stock closing at N32.20 after gaining 9.9% on the day.

Otudeko reportedly sold over 20% of his stake, while the Hassan-Odukale family also exited by offloading 5% in search of improved investment value elsewhere. The complex deals involved First Securities Ltd acting as the primary buyer, while sellers included notable firms such as CardinalStone Securities, Meristem Stockbrokers, Rencap Securities, Regency Asset Management, United Capital Securities, and Stanbic IBTC Stockbrokers.

Interestingly, First Securities Ltd also appeared as a seller in some of the negotiated trades, suggesting internal portfolio adjustments or inter-account movements.

”IREPORTER REPORTS”