Lagos, Nigeria – Na wa oh! Big gbege don happen for First Bank Holdings as dem big man, Oba Otudeko, don pack enter one corner after dem do N323.33 billion block deal for Nigerian Exchange. This one na serious matter o! Over 10.43 billion shares of First Holdco don trade hands for 17 different off-market, negotiated deals, all at an average price of N31 per share. Hmmm… talk about some serious cash being tossed around!
For dem wey no sabi, this transaction na 25 percent stake wey Oba just sell, and First Bank dey hold about 41.87 billion shares altogether. E be like say na this new deal wan shake things up for the old banking group. But we no go hear who buy the shares as of when we go press publish o, but make we no lie, dem sure say dem go follow all the necessary wahala wey come with this kind big money arrangement.
Now, analysts dem dey yan say this na a clear sign wey dey point to some fresh reforms wey Femi Otedola, wey be the new chairman, don bring come table. And guess wetin? Share price don start to climb well well, jump from N29.30 when dem close on Monday, July 14, to N32.20 on Wednesday, and even rise to N35.40 by Thursday morning! If you no sabi, na when market dey sweet like this, na everybody dey rush for the shares like say them dey chase coronavirus. Everybody dey see say First Holdco fit involve in serious changes now.
One major voice wey don talk about this matter be Boniface Okezie, wey be the National Coordinator of Progressive Shareholders Association. He yan say, “First Bank dey stand for right side of history now. This deal give dem room to flex their capital muscle and outpace the younger banks wey dey try to catch dem up.” Na wetin person fit call “ogbonge wisdom”!
Investors wey dey watch this matter don start to raise eyebrows as dem find out say the block purchase na brokered by First Securities Ltd, wey dey under FirstHoldCo umbrella. Omo! Na wah! The sale show say e fit get some internal restructuring or some insiders wey dey plan plenty things wey we never see yet. More brokers wey dey behind this deal include big names like CardinalStone Securities and Stanbic IBTC Stockbrokers. E be like say these guys don come together like say dem wan form a big boys club!
But make we shine our eyes well, because insiders say Barbican Capital don waka out of FirstHoldCo, and e be like say na dis movement fit change the koko for the boardroom. As of now, many eyes dey on RC Investment Management Limited, wey just come out from nowhere as major player. People dey wonder wetin go happen next because this whole situation don get plenty people for market dey think, sabi abi?
One thing wey sure be say this transaction go jolt First Bank’s ownership structure and e go make all these sabi investors keep an eye open. Dis one go be the time where every hand go dey on deck as dem begin skin teeth for new reign wey dey come!
