Oba Otudeko, an product offload 10bn shares in First Bank

Chairman of the Honeywell Group, Oba Otudeko and the Director of the Leadway Assurance group, Tunde Hassan-Production, had dismantled the total combination of 10.7 billion shares they held in the first holding company for the ongoing cases in court.

The first parent company confirmed sales in the disclosure of companies sent to the Nigerian Exchange Group (NGX) by the Corporate Secretary, Adewale Arogundade, on Friday.

According to the disclosure of the company, Otudeko dismantled a total of 7,786,641,500 shares worth N241.3 billion, while Erodustale sold 2,288,798,807 shares worth N70.8 billion.

Sales are executed through several candidates and investment accounts related to the two entrepreneurs.

Stocks are sold at N31 unit prices, worth around N312.18 billion.

The details of the sale of Otudeko shares are as follows; Barbican Capital Limited (5,875,980,151 shares), Gasl Account Peace nomination (1,517,746,454 shares), and RAML/MEF9 (392,914,895 shares).

On the other hand, Orproduale shares are sold through a mixture of company entities and pension funds.

Sellers include Leadway Holdings Limited (1,036,914,805 shares), Leadway Assurance Co. Ltd (432,258,388 shares), UBAPC/Leadway Pensure PFA Ltd-T (392,345,513 shares), ZPC/Leadway-T. Premium coll. & Inv. A/CT (323,563,889 shares), and Ubapc/Leadway Penure PFA Ltdiiii-T (39,941,304 shares).

Others are ZPC/Leadway/NNPC Staff Pena Inv A/C-Tra (24,033,333 shares), UBAPC/Leadway Penure PFA LTD FD1-T (6,037,543 shares), and Hassan-Produculere Tunde (Direct) 30,701,032 shares.

This sale came after various legal issues involving entrepreneurs who were former bank chairpersons and opened the door for Femi Otedola, who was the chairman of the council in January 2024.

The term of office of Oba Otudeko as chairman of the council has been mired by accusations of ‘loans related to internal people who are not performing’ with companies allegedly related to him.

Loans including the AITEO group with a reported exposure exceeding the N150 billion; Seawolf Drilling, a deep oil service company that collapses under debt; and Investors International London Limited (ILL), which failed in his efforts to acquire nitel in 2001.

In 2021, the Central Bank of Nigeria (CBN) intervened, dissolved the First Bank Council and returned the Implementing Director.

Bank Puncak quoted the failure of corporate governance and abuse of insiders as the main concern.

In December 2021, Femi Obedola became the largest single shareholder after acquiring 7.57 percent of the share capital issued by FBNH.

But in July 2023, Otedola lost his position because Otudeko, who acquired 4.7 billion FBN Holdings shares.

Some FBN Holdings shareholders protested after Otudeko bought 4,770,269,843 FBN Holdings shares through his Honeywell group.

Purchases carry shares held by companies in the bank premiere to 13.3 percent.

However, a few days after the purchase, Ecobank wrote a letter to FBN Holdings, asking banks to reject Otudeko’s offer to become its biggest shareholder.

In July 2023, the Securities and Exchange Commission (SEC) said he was investigating the acquisition of 4.77 billion FBN Holdings shares by Otudeko.

On January 31, 2024, First Holdco appointed Otedola as the new chairman of the council.

Also, in May 2025, Otudeko will be charged with the former Director of First Bank PLC implementing, its basement; Former Honeywell Council member, Soji Akintayo and a company, Anchorage Leisure Limited, at a cost of 13-calculations bordering with fake reasons with N12.3 billion tones. The trial was then postponed.

By: Babajide Okeowo