A significant shift has taken place at Nigeria’s oldest banking group, First Holdco Plc, with the exit of key shareholder Oba Otudeko in a deal valued at N323.33 billion.

The transaction involved the exchange of 10.43 billion ordinary shares through 17 off-market, negotiated deals on the Nigerian Exchange, at an average price of N31 per share.

The N323.33 billion transaction represented roughly a 25% majority stake in First Holdco Plc, which has a total of 41.87 billion outstanding shares.

Conducted through the Nigerian Exchange’s negotiated trade window, the deal allowed both parties to pre-arrange terms such as pricing and share transfer outside the regular market process.

The transaction was then formalised on the exchange to complete the change in ownership.

First Holdco Plc has three prominent major shareholders: the Otudeko family, Femi Otedola, and Hassan-Odukale.

In addition to these, several other investors hold sizable, though non-significant, stakes.

Under current regulations, a significant stake is defined as ownership of 5% or more of a company’s equity.

However, as of the close of business, the buyer’s identity had not been confirmed, as current regulations permit a grace period for submitting the necessary ownership change filings.

The Central Bank of Nigeria is mandated to review and approve any new significant investor in a Nigerian bank.

In light of the leadership tussle, between Otudeko, who have played a major role in the bank’s history and First Holdco Plc, many stakeholders had urged a negotiated settlement.