Companies said to been owned by Oba Otudeko and Tunde Hassan-Odukale have made history after they sold a total of 10.433 billion First Holdco shares to a relatively unknown company- RC Investments Management Limited, in a deal valued at N323.45 billion,
This development is the highest off-market transaction ever seen on the NGX.
According to the report by a business medium, the buyer company is linked to one Samuel Babatunde Sule. Sule’s RC Investment acquired approximately 7.787 billion shares from Barbican Capital and RAML, entities associated with Oba Otudeko.
RC Investments also bought 2.647 billion shares from entities related to the former chairman of First Bank of Nigeria, Tunde Hassan-Odukale. The entities include Hassan-Odukale himself, Leadway Holdings, Leadway Pensure PFA, Haskal Holdings, and Leadway/NNPC Staff Pension Investment.
Hassan-Odukale is the founder of Leadway, as well as the Group Managing Director of Leadway Holdings.
Sule also has ties to four other companies, namely RC Africa Limited, Avuso Payment, Odde Properties, and Green Arrow Services Limited.
The sale was brokered by the CBN to help resolve a leadership tussle at the helm of the bank that has served as a major distraction for the bank’s capital raising plans.
