A major shakeup in the ownership structure of FBN Holdings, parent company of First Bank, has sparked controversy, following a massive share transaction involving Oba Otudeko and Hassan Odukale on one side, and current Group Chairman, Femi Otedola, on the other.

The deal, which significantly increased Otedola’s stake in the Group to a historic 40%, reportedly involved the transfer of shares previously held by Otudeko and Odukale—both former chairmen of the bank. This marks the largest single shareholding not only in First Bank’s history but also among all tier-1 banks in Nigeria.

Despite the scale of the transaction—covering about 25% of the bank’s total shares—there has been no official disclosure to the Nigerian Exchange (NGX). NGX spokesperson Clifford Akpolo stated: “I am not aware of these transactions as the NGX Reg has not notified the NGX.” According to NGX rules, any trade involving 5% or more of a company's shares must be formally reported.

Efforts to obtain comments from First Bank’s spokesperson, Mr. Ismail Omamegbe, were unsuccessful.

Sources within the bank suggest that the shares were transferred off-market through negotiated trades, as part of a settlement between the current board and the former chairmen. The agreement reportedly involved relinquishing shares in exchange for the withdrawal of legal actions against them.

The transaction, conducted at ₦31 per share across 17 negotiated trades, involved the transfer of 10.43 billion shares—valued at over ₦324 billion. Trading data shows First Securities Ltd acted as the buyer in all deals, while the sellers included major firms such as CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd itself in select dual-role trades.

This development marks a pivotal moment for First Bank, potentially altering the power dynamics within one of Nigeria’s most storied financial institutions.