Former Chairman of First Bank, Oba Otudeko Returns as Largest Shareholder in Historic Share Purchase.
Oba Otudeko, the chairman of Honeywell Group, has been identified as the purchaser of 4.7 billion shares of First Bank of Nigeria Holdings in a cross deal.
The transaction took place on Thursday and was confirmed on Friday. Otudeko acquired the shares for N87.8 billion at a price of N19 per unit, marking the largest volume of First Bank shares traded in a single day since 2012 when stock exchange data started being published.
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This purchase represents approximately 13 percent of the bank’s total market value and signifies Otudeko’s swift return as the bank’s largest shareholder.
In 2021, billionaire Nigerian investor Femi Otedola became the bank’s largest shareholder after a competition with Hassan Odukale for control of the bank following Otudeko’s departure in 2019.
First Bank has not yet responded to a request for comment. Otudeko is reportedly using funds obtained from the sale of Honeywell to repurchase the bank’s shares through entities associated with him.
In a deal worth N82 billion, Flour Mills, Nigeria’s largest miller by market value, acquired Otudeko’s Honeywell Flour Mills Plc last year. In 2021, Otudeko held 1.49 percent of First Bank shares.
“Agbo to fehinn rin sebi agbara lo lomu wa” “the goat moves back in a fight for to collect strength” for the fight, the sayings of our fathers. God reigns! Corporate jigsaws interesting, bewildering ,throatcutting ruthless! ! Masters at it !