By Charles Pemu 
In a dramatic twist to Nigeria’s financial power play, billionaire investor Femi Otedola has reportedly acquired a commanding 40% stake in FBN Holdings, parent company of First Bank, through a quiet off-market transaction valued at over ₦324 billion.
The deal, executed via 17 negotiated trades at ₦31 per share, involved the transfer of 10.43 billion shares primarily from former chairmen Oba Otudeko and Hassan Odukale—to First Securities Ltd, acting on Otedola’s behalf.
Yet, despite its scale, the transaction has raised regulatory eyebrows.
The Nigerian Exchange (NGX), which mandates public disclosure of any trade exceeding 5% ownership, said it had not been officially notified. “I am not aware of these transactions,” said NGX spokesperson Clifford Akpolo, adding to the air of silence surrounding the deal.
First Bank’s spokesperson, Ismail Omamegbe, has also remained silent, declining to respond to inquiries.
Sources close to the bank hint the deal may be part of a quiet settlement, where the former chairmen relinquished their holdings to end internal boardroom battles and avoid looming legal action.
The lack of transparency, however, is fueling speculation across financial circles, especially as Otedola’s new stake dwarfs typical single shareholder limits in Nigeria’s Tier-1 banks.
With regulatory bodies yet to issue an official position, the market now watches keenly as First Bank’s ownership landscape undergoes a historic shift—one that could reshape the future of one of Nigeria’s oldest financial institutions.