Shares of First Holdco have soared by more than 20 per cent in just two trading sessions, following heightened investor interest triggered by a landmark N323.33bn off-market transaction that reshaped the company’s ownership structure.

The stock, which closed at N29.30 on Monday, rallied to N32.20 by Wednesday and climbed further to N35.40 during the trading on Thursday.

The sharp price movement reflects strong market optimism surrounding the exit of Oba Otudeko, a long-time key shareholder, and the potential implications of new leadership at the helm of Nigeria’s oldest financial group.

The rally follows the execution of one of the largest block transactions in Nigerian capital market history. Through the Nigerian Exchange Limited’s negotiated window, 10.43 billion ordinary shares—representing 25 per cent of First Holdco’s 41.87 billion outstanding shares—were traded in 17 off-market deals at an average price of N31 per share.

The strategic transaction, widely interpreted as the final phase of Otudeko’s exit from the group, has shifted investor attention toward a possible consolidation of control by billionaire investor Femi Otedola, who is now the most prominent shareholder in First Holdco.

Shareholders weigh in

Speaking with Daily Trust, Moses Igbrude, the National Coordinator Independent Shareholders Association of Nigeria (ISAN), described the transaction as a win-win situation for both parties in the interest of the institution.

He also noted that the transaction would bring stability to the financial institution.

He said “Both parties have made sacrifices for the institution to survive. And it’s something we have to commend.

“Yes, whoever has bought at the price of that time, the premium price of 31. There’s a need for the business to run well in order for him to benefit.

“There’s going to be stability for the bank because this time distraction would no longer be there; the management would focus and there would be stability and where there is stability there is going to be improvement.”

‘Abuse of corporate governance must be avoided’

On his part, former secretary of Independent Shareholders Association of Nigeria (ISAN), Adeleke Adebayo, warned that the legacy institution must be protected and abuse of corporate governance processes must be avoided.

adebayo said “It’s all about market dynamics. Even though there are certain circumstances, it’s still a free market. However, the legacy institution must be protected and abuse of corporate governance processes must be avoided.”

Also speaking, another shareholder, Pastor Samson Adegoke said, “We investors, we don’t have anything to do than to continue to pray. In the stock and capital market today, their determination is to go there and rule the company or the bank. That’s their mission, may God help us.

“We are optimistic that the bank will recover from all the issues, because there are a lot of debts, but I believe that the bank will recover.

“Going forward all the board and management should have the fear of God. There are some things that also ruin some companies and banks, regulatory authority, tax and others. Apart from debt, companies and banks can recover all their debt. If the tax is not so much, even the investors will enjoy it and then we would be collecting our dividends.” (Daily Trust)