End of Power Struggle as Otedola Clinches Control of First Holdco.

In a dramatic turn of events, Nigerian billionaire Femi Otedola has secured full control of FirstHoldCo Plc, ending a prolonged power struggle with former majority stakeholders, Oba Otudeko and the Olukayode Odukale-led Leadway Assurance bloc.

This acquisition positions Otedola as the new board chairman of the conglomerate, solidifying his influence in the Nigerian banking sector. For years, FirstHoldCo Plc has been at the center of a corporate tug-of-war.  Oba Otudeko, the founder and former chairman, and Olukayode Odukale, representing Leadway Assurance, were the primary power brokers, each holding significant stakes in the company. 

Their combined influence made it challenging for any single entity to gain decisive control.  However, Otedola’s strategic investment and negotiations have shifted the balance. 

Reports indicate that Otudeko and Odukale have agreed to sell their stakes to Otedola at a negotiated price of N31 per share.  This transaction has increased Otedola’s total investment in FirstHoldCo to an estimated N320 billion, granting him the single majority shareholder in bank.

The sale of shares was reportedly conducted at a price of N31 per share, a figure that reflects both the current market value and the strategic importance of the acquisition.

Source: dmarketforces