A N323.4bn negotiated cross in First HoldCo shares has set the market abuzz with speculation that chairman Femi Otedola may have lifted his stake after one of the largest off market deals seen recently on the Nigerian Exchange. The bulk transaction, executed in 17 negotiated trades at N31 per share on Wednesday July 16 2025, moved more than 10 billion shares across multiple brokerage houses while investors await formal regulatory disclosure.
Market trade data show heavy selling from entities linked to long time shareholders Oba Otudeko and Tunde Hassan Odukale. Otudeko related accounts offloaded about 7.79 billion shares, including 5.87 billion units routed through Barbican Capital, 1.52 billion via Peace Account GASL Nominee, and 392.9 million through RAML MEF9. Odukale related holdings accounted for roughly 2.28 billion shares across pension, insurance, and investment vehicles, led by 1.03 billion from Leadway Holdings, 432.3 million from Leadway Assurance, and 392.3 million from UBAPC Leadway Pensure PFA T, with additional volumes from other Leadway structures.
The crosses were handled through a broker roster that included CardinalStone Securities, Meristem Stockbrokers, Rencap Securities, United Capital Securities, Stanbic IBTC Stockbrokers, Regency Asset Management, and First Securities which appeared on the buy side. The sheer size and concentration of the prints have driven chatter that Otedola consolidated control, though some analysts note that his last disclosed stake in the 2024 full year report stood at 11.8 per cent.
Commenting on the flows, Tunde Amolegbe, chief executive at Arthur Stevens Asset Management, said the market had long anticipated an exit by one of the large legacy shareholders, adding that disputes with the bank may have accelerated negotiations to sell and clear the path for governance stability. He cautioned that documentation has not yet surfaced.
Economist and investment specialist Vicent Nwani said strategic reshuffles are not new at First HoldCo, a franchise that has seen periodic shifts in influence as billionaire investors build and unwind positions over time. He added that the Central Bank of Nigeria must ensure minority investors are protected if a change in control emerges.
Not all observers see a straight accumulation by Otedola. One market source suggested the unusually large trade block was driven by internal restructuring to comply with the Central Bank Single Obligor Limit rather than a fresh outright purchase. The CBN updated the rule on June 13 2025 and instructed banks benefiting from forbearance to curb dividends, defer senior bonuses, and pause offshore investments, prompting capital and ownership adjustments across the sector.
Despite the scale of the crossing, First HoldCo had not filed any notice with the Nigerian Exchange as of press time. NGX rules require disclosure when a holding crosses the five per cent threshold, and investors are watching for a regulatory filing to clarify who now owns what.
