N323bn Shakeup: Mystery Firm Buys Out Otudeko’s First Bank Stake

A Record-Shattering Transaction

In what marks the largest off-market deal in NGX history, entities tied to banking moguls Oba Otudeko and Tunde Hassan-Odukale have sold a staggering 10.433 billion First Bank shares for N323.45 billion to little-known RC Investments Management Limited. The seismic transaction, brokered by the Central Bank of Nigeria (CBN), effectively ends a years-long leadership tussle that has hampered the bank’s operations.

The Mystery Buyer Unveiled

Documents reveal RC Investments is linked to entrepreneur Samuel Babatunde Sule, who also controls four other companies including Avuso Payment and Odde Properties. The firm acquired:

• 7.787 billion shares from Otudeko-linked Barbican Capital & RAML

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• 2.647 billion shares from Hassan-Odukale’s Leadway Holdings and related entities

End of an Era

The deal signals the final curtain for Otudeko’s 24-year reign at First Bank, with the octogenarian set to pocket N241.4 billion from his exit. Hassan-Odukale’s consortium will receive N82.1 billion. Market analysts view this as the CBN’s decisive move to clear obstacles for the bank’s much-needed capital raise.

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What’s Next for Nigeria’s Banking Giant?

With the ownership dispute resolved, attention now turns to RC Investments’ plans for the financial institution. Industry watchers are scrutinizing whether this marks a genuine changing of the guard or merely shifts control to another shadowy power bloc in Nigeria’s complex banking landscape.