Nume Ekeghe and Kayode Tokede
A total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares, took place on the floor of the Nigerian Exchange Limited (NGX) yesterday in a mega deal linked to Mr Femi Otedola, who increased his current 15 percent holdings to about 40 percent, giving him total control of Nigeria’s oldest bank which has so far punched below its potential.
Oba Otudeko, the erstwhile Chairman of FirstHoldco, was forced to sell off over 20 percent of shares linked to him as the bank’s management, controlled by Otedola, moved to criminalise and prosecute Otudeko’s past misdeeds in the Federal High, Lagos, even when the issues had been settled commercially with regulatory action. With these share transactions, First Bank is expected to withdraw its criminal complaint against Otudeko who at 82 can retire gracefully with over N300 billion in cash.