A key shareholder in Nigeria’s oldest banking group, First Bank Holding Company Plc (First Holdco), Oba Otudeko, has exited the group following a N323.33bn block deal on the Nigerian Exchange Limited.
The transaction saw 10.43bn ordinary shares of First Holdco traded in 17 off-market, negotiated deals at an average price of N31 per share. The block deal represents a 25 per cent majority stake in the financial holding company, which has 41.87bn outstanding shares.
The negotiated window on the NGX allows parties to pre-arrange the price and terms of large-volume transactions before formal execution on the exchange.
Although the identity of the buyer remains undisclosed as of press time, sources said relevant filings would be made in line with regulatory requirements. The Central Bank of Nigeria is expected to screen and approve any new significant investor in a banking institution.