Oba Otudeko, a titan of Nigerian business, has exited First Bank Holding Company Plc (First Holdco) through a N323 billion block deal.
Oba Otudeko, also a former chairman of FBN Holdings, was said to have offloaded his 8.65% stake, held through entities like Barbican Capital Limited, in a series of 17 off-market deals valued at N31 per share.
This exit, also involving Tunde Hassan-Odukale’s 5.36% stake as well, has now cleared the path for billionaire Femi Otedola, who now reportedly controls close to 40% of First Holdco.
Although there hasn’t been any official confirmation about the individual who bought Otudeko’s shares, it is speculated that it was Otedola.
The reported deal meant that Otedola cemented his dominance as the bank’s leading shareholder.
Pan-Atlantic Kompass reports that Oba Otudeko’s exit from First Holdco comes after a high-stakes and fierce boardroom battle that has defined the bank’s recent history.
Otudeko’s tenure at First Holdco was marred by controversy, including allegations of corporate governance breaches and insider lending that drew scrutiny from the Central Bank of Nigeria (CBN).
Recently, the Economic and Financial Crimes Commission (EFCC) slammed a lawsuit against Otudeko over an alleged N12.3 billion fraud.
The anti-graft agency had accused them of fraudulently obtaining credit facilities from First Bank under pretenses between 2013 and 2014.
These charges include allegations of obtaining large sums in various tranches totaling N12.3 billion through V-Tech Dynamic Links Limited and Stallion Nigeria Limited, as well as presenting alleged forged documents to misrepresent transactions.
