In a landmark corporate development, Nigerian business mogul Femi Otedola has formally taken control of FirstHoldCo Plc, ending a long-standing boardroom battle with key shareholders Oba Otudeko and Olukayode Odukale, who represented Leadway Assurance.
Otedola’s new status as board chairman marks a definitive resolution to years of internal power wrangling that previously saw the company’s control divided between Otudeko and Odukale, each holding influential stakes that kept decision-making gridlocked.
Through a strategic acquisition and complex negotiations, Otedola has successfully acquired majority ownership. Market sources confirmed that Otudeko and Odukale sold their stakes to Otedola at an agreed share price of N31. The cumulative value of the deal is estimated at N320 billion, making Otedola the company’s largest single investor.
The N31-per-share agreement reflects both the company’s intrinsic value and its long-term strategic importance, industry analysts say. Although exact terms of the deal were not disclosed, the acquisition reportedly involved thorough evaluations of FirstHoldCo’s portfolio, asset base, and growth prospects.
Otedola’s ascension to the chairman role is expected to usher in a fresh chapter for FirstHoldCo, leveraging his vast experience in Nigeria’s corporate landscape. Market analysts anticipate reforms under his leadership that could drive increased profitability and strategic consolidation within the financial sector.
The announcement triggered heightened trading activity on the Nigerian Exchange, with FirstHoldCo Plc’s shares witnessing a spike in volume as investors showed renewed confidence in the company’s trajectory under Otedola’s stewardship.
There is widespread anticipation of structural reforms, potential mergers, and an aggressive expansion agenda. Stakeholders are now watching closely to see how Otedola navigates this new role and what his leadership means for the group’s subsidiaries and broader market positioning.
