By Business News Editor
Dave Munachi
First Bank Holdings Plc (First HoldCo) is reportedly finalizing plans to dispose of a significant portion of its shares following the recent exit of its former chairman, Oba Otudeko. The move comes amid a broader reshuffle within the company’s leadership and ownership structure, signaling a new chapter for one of Nigeria’s oldest and most influential financial institutions.
Otudeko, a prominent business mogul and founder of Honeywell Group, had previously returned to First HoldCo in 2023 with a strategic acquisition of a 13.3% stake through Barbican Capital Ltd — a development that sparked both boardroom tension and regulatory attention. However, his latest departure has now opened the door for the holding company to review its shareholding composition and streamline its governance framework.
According to insider sources familiar with the matter, First HoldCo is looking to offload certain equity positions — including potentially some of those acquired under Otudeko’s leadership — as part of efforts to reduce concentration risk, improve transparency, and align with corporate governance best practices.
While the company has not yet issued an official statement detailing the scope of the divestment, analysts suggest that the share sale could reshape the balance of power within the institution and attract new institutional investors eager to buy into the legacy banking group.
Financial market watchers believe the move is also designed to restore stability following a series of boardroom battles, particularly those involving Otudeko’s stake and his longstanding influence over First Bank and its subsidiaries.
Since Otudeko’s exit, First HoldCo has been actively repositioning itself, with signals pointing to a renewed focus on operational independence, risk management, and shareholder accountability. The company’s leadership has emphasized its commitment to long-term growth and regulatory compliance as it looks to the future without the shadow of its former chairman.
As the Nigerian financial sector continues to evolve, the developments at First HoldCo reflect a broader trend of generational leadership shifts, tighter regulatory oversight, and growing demand for transparency in corporate governance. The expected share disposal marks a significant turning point in the company’s journey — one that may redefine its identity in the post-Otudeko era.
