City, Nigeria – Na wah! First Bank Holdings just see some serious gists overnight o. Dem say Oba Otudeko, one of the main shareholders of Nigeria’s oldest banking group, don pack him load and waka out after he sell him 25% stake for N323.33 billion. E be like say na serious business dey happen for our financial world!
Dem trade 10.43 billion shares of First Holdco for the Nigerian Exchange Limited (NGX) at N31 per share. Oyah, do the math! Na wetin dem call off-market deal, where those wey sabi arrange all the details ahead make sure wetin they sell and buy make sense no plenty noise for market before dem execute am on top exchange. But no be worry, the identity of the buyer still dey under cover as we talk, but we sure say dem go throw light when dem don settle things well.
As Oba Otudeko clear him space, e dey spark plenty reactions from market analysts and investors. Many dey talk say this one fit open door for fresh reforms wey Femi Otedola go lead as the new chairman of First Holdco. Dem don recently see share price for First Holdco dey rise like bread wey dem just come remove from oven. Na N32 per share wey e don reach, and market cap don pass N1.3 trillion – talk about some sweet business!
Boniface Okezie, the National Coordinator of Progressive Shareholders Association, no waste time to talk say this transaction fit give First Bank solid ground to position dem well for the banking sector recapitalisation wey dey happen. “Dem don enter the right side of history,” he talk. Na true talk o!
For those wey no sabi the drama wey don dey unfold, before this whole thing, na three big shareholders dey hold matter for First Holdco: Oba Otudeko, Femi Otedola, and Tunde Hassan-Odukale. But now, e be like say RC Investment Management Limited dey bring plenty wahala into the picture, and dem done enter with plenty shares wey dem buy from Otudeko and Hassan-Odukale own sides. Wetin dem go do next? Only time go show!
As we dey hear am, market dey react sharply. Shares for First Bank don jump more than 20% as dem run the show. E start at N29.30 on Monday, now e don rise sharply to N35.40 as traders dey jubilate for the fresh dynamics wey the transaction bring. Na wah, this one no be small matter!
By the look of things, investors dey reposition dem for possible governance changes, but na dem still need to wise up small. Dis RC Investment don hold 25% of the company now, dem go soon face regulatory checks. If dem no clarify wetin dem carry and how dem dey fit impact the direction of the bank, e fit introduce some new scramble for dem.
Time go tell how this shake-up go end, but one thing wey dey sure be say e go change how First Bank waka from here. Market dey expect plenty moves as dem fit waka towards a new era, and everybody dey monitor closely for wetin go happen next.
