Former chairman of FirstBank of Nigeria Holdings (FirstHoldco), Oba Otudeko, has exited the financial institution after selling over 20 percent of shares linked to him in a mega off-market transaction.
The deal, executed on the Nigerian Exchange Limited (NGX) and valued at N324.47 billion, is linked to billionaire businessman Femi Otedola, who has now consolidated control of the 130-year-old bank.
Mr Otedola, who previously held a 15 percent stake, has increased his ownership to about 40 percent, making him the majority shareholder in FirstHoldco.
The transaction ends Otudeko’s long-standing influence at the bank, following years of boardroom clashes and leadership struggles.
The sale reportedly came amid moves by the Otedola-backed management of FirstHoldco to pursue criminal proceedings against Otudeko over alleged corporate governance breaches during his tenure, even though many of the issues had previously been resolved commercially through regulatory intervention.
Otudeko is now said to be retiring from public corporate life with over N300 billion in cash from the share sale.
Also exiting the bank is the Hassan-Odukale family, another key shareholder bloc, which sold off a 5 percent stake in the company.
The group reportedly chose to divest in search of better shareholder value elsewhere, bringing an end to their decades-long involvement with the bank.