First HoldCo Plc has clarified reports on the sale and ownership of its shares in a recent off-market transaction.
The clarification relates to ownership of shares exchanged in the reported off-market deal that has drawn public speculation.
In a disclosure to the Nigerian Exchange Ltd., the company said some media outlets wrongly claimed that Mr Femi Otedola or the Federal Government purchased the shares.
First HoldCo clarified that Barbican Capital Ltd. and its affiliates, as well as Leadway Group and its affiliates, were the actual sellers.
RC Investment Management Ltd. was identified as the sole buyer of the shares involved in the transaction.
The firm urged the public and stakeholders to ignore the rumours and depend only on its official communications for verified information.
The firm said: “First HoldCo Plc’s attention has been drawn to media rumours regarding recent share sales involving the company.
“We affirm that the Chairman, Mr Femi Otedola, did not purchase the shares in question, nor did the Federal Government or any of its agencies.
“The shares were sold by Barbican Capital Ltd. and affiliates, and Leadway Group and affiliates. The buyer was RC Investment Management Ltd.”
Nairametrics reports that the recent off-market trade involving 10.43 billion shares of First Holdco, valued at N323.4 billion, was executed by RC Investments Ltd, a Special Purpose Vehicle linked to Renaissance Capital.
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The share sale, which took place on July 16, 2025, confirms the exit of Oba Otudeko’s Barbican Capital from the financial holding company.
The transaction, priced at N31 per share across 17 negotiated deals, represents approximately 25% of First Holdco’s outstanding shares. It has since triggered a rally in the stock, which closed at N32.20 per share following the announcement.
A notification posted on the NGX on July 18 stated disclosed an “initial” 6,314,116,229 units at N31.00 per share.
The Barbican Sale
The deal also sparked widespread speculation about the identity of the buyer and the future direction of the company’s ownership.
While some media reports claimed that the shares were acquired directly by Femi Otedola, others alleged that they were purchased by the Federal Government through a trustee arrangement set up by the Office of the Attorney General in collaboration with the Central Bank of Nigeria.
The government was said to be temporarily holding the shares pending a strategic decision related to First Holdco’s capital raise. The office of the AGF has issued a rebuttal.
However, Nairametrics sources with knowledge of the transaction have dismissed these claims, confirming instead that RC Investments Ltd, the SPV linked to Renaissance Capital, was the actual acquirer.
Included in the sale were divestments from Leadway Group and its related partners, who, according to our sources, joined Barbican Capital to exit the bank, which they had jointly controlled for years.
A formal announcement is expected soon, which may provide further clarity on the evolving ownership structure and the company’s strategic direction following the acquisition.
Backstory
Nairametrics first reported the transaction on Wednesday after our analysts observed the unusually large, negotiated block trades on the Nigerian Exchange (NGX).
The sale marks the final exit of Oba Otudeko, who has long been associated with First Holdco and its predecessor entities.
Sources close to the transaction disclosed that although discussions had taken place with Otedola’s camp, neither he nor any existing major shareholder acquired the shares directly.
This left room for speculation on whether the SPV could be acting on behalf of a consortium or institutional investor.
The rally in First Holdco’s share price, up over 20% this week, suggests renewed investor confidence or expectations of a potential shake-up in governance or strategic direction.
NAN
