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Nigerian multimillionaire businessman Obafoluke Otudeko (Oba Otudeko) has resurfaced in the spotlight as reports emerge linking him to a significant cross deal involving 4.7 billion shares of First Bank of Nigeria Holdings.
The transaction took place on the local bourse on Thurs., July 6, stirring speculation about Otudeko’s potential plans and intentions.
The 4.7 billion shares, valued at more than N95.4 billion ($123.8 million) at the time of this report, represent a substantial 12 percent of the outstanding shares of the leading Nigerian lender. First Bank of Nigeria Holdings currently boasts over 35.9 billion outstanding shares.
While sources speaking on condition of anonymity indicate a possible connection between the cross deals and the pending Ecobank appeal at the Nigerian Supreme Court over the implementation of liquidation proceedings against Honeywell Plc, Otudeko’s former majority-owned company, no official confirmation has been provided.
The involvement of Otudeko, who previously held the position of chairman at First Bank Holdings, has led analysts to speculate about a potential strategic move by the Nigerian businessman to reclaim his position at the helm of the group.
This development comes two years after the Central Bank of Nigeria dissolved the board of directors of First Bank Holdings, resulting in Otudeko’s expulsion as the largest shareholder and chairman of the lender at the time.
As of now, the Nigerian Exchange website has not released any press statement to verify or debunk the rumors surrounding Otudeko’s alleged involvement in the recent cross-deal.
The purchase of such a significant number of shares has raised questions regarding the legitimacy of the trades, as no single shareholder previously held such a substantial stake in the company.
While the details of the cross deal are yet to be officially disclosed, it is worth noting that Nigerian billionaire businessman Femi Otedola remains the largest shareholder in First Bank Nigeria Holdings (FBNH) with a significant stake of 5.57 percent. Otedola’s stake ensures his continued influence within Nigeria’s oldest commercial bank.
Investors and industry observers are eagerly awaiting an official statement from the Nigerian Exchange to shed light on the recent cross deal and clarify Oba Otudeko’s role in the transaction.
Until then, the Nigerian business community remains on alert, closely monitoring the developments surrounding First Bank of Nigeria Holdings and its potential impact on the country’s financial landscape.
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