Oba Otudeko, chairman of Honeywell Group and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold a combined total of 10.7 billion shares in First HoldCo’s block deal.
On Thursday, TheCable reported that 10.7 billion shares were acquired by First Securities Limited.
According to data seen by TheCable on Friday, Otudeko offloaded a total of 7,786,641,500 shares valued at N241.3 billion, while Odukale sold 2,288,798,807 shares worth N70.8 billion.
The sales were executed through multiple nominee and investment accounts associated with both businessmen.
The shares were sold at a unit price of N31, valuing the total deal at approximately N312.18 billion.
Breakdown of Otudeko’s share sales are as follows; Barbican Capital Limited (5,875,980,151 shares), Peace Account GASL Nominee (1,517,746,454 shares), and RAML/MEF9 (392,914,895 shares).
On the other hand, Odukale’s shares were sold through a mix of corporate entities and pension fund accounts.The 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 Assur. Premium Coll. & Inv. A/C-T (323,563,889 shares), and UBAPC/Leadway Pensure PFA Ltd FundIII-T (39,941,304 shares).
Others are ZPC/Leadway/NNPC Staff Pen Inv A/C-TRA (24,033,333 shares), UBAPC/Leadway Pensure PFA Ltd FD1-T (6,037,543 shares), and Hassan-Odukale Tunde (direct) 30,701,032 shares.
The deal comes as Otedola, who became chairman of the board in January 2024, continues to deepen his influence within the bank holding company through steady share accumulation and high-level restructuring.
On May 22, Otedola had said his investment in the financial institution would hit N320 billion in cash by the next capital raising round.
