First HoldCo Plc has officially refuted recent media reports alleging that its Chairman, Mr. Femi Otedola, or the Federal Government of Nigeria acquired a significant block of the company’s shares through recent off-market transactions.
In a statement issued on July 18, 2025, and signed by the Company Secretary, Mr. Adewale Arogundade, First HoldCo clarified that the shares in question—widely reported in digital and print media as part of a ₦323.33 billion transaction—were sold by Barbican Capital Limited and its affiliates and Leadway Group and its affiliates. The shares were acquired by RC Investment Management Limited, not by Mr. Otedola or any government entity.
“The Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria nor any of its Agencies acquire the shares in Trust,” the company stated.
The disclosure follows speculative reports that claimed a 10.43 billion share sale—representing 25% of the group’s total outstanding shares—signified the exit of a prominent shareholder, Oba Otudeko, without clarity on the buyer’s identity.
These reports also inaccurately linked the transaction to Mr. Otedola, sparking widespread assumptions of a further consolidation of ownership by the current board chairman.
However, a regulatory filing dated July 16, 2025, and made available by First HoldCo confirms that Barbican Capital Limited executed the sale of 6.31 billion ordinary shares at ₦31.00 per share through the Nigerian Exchange Limited’s negotiated trade window.
The aggregate value of the transaction stood at over ₦195.74 billion.
While the scale of the transaction remains substantial, the company has reiterated that it involved no insider purchase by any member of the board or the government, contrary to public speculation.
RC Investment Management Limited, the confirmed buyer, is yet to make any public statement regarding its long-term intentions with the stake, and it remains unclear whether the acquisition crosses the regulatory threshold for significant shareholder status.
Under NGX and Securities and Exchange Commission rules, any entity acquiring 5% or more of an issuer’s shares is required to make appropriate filings and secure approval from the Central Bank of Nigeria (CBN) if the entity intends to exert governance influence in the financial sector.
The statement by First HoldCo comes amid heightened investor interest following sustained restructuring activities led by Mr. Otedola, who holds the largest individual stake and currently chairs the board.
The company has experienced increased market activity and renewed investor confidence, with market capitalisation recently crossing ₦1.3 trillion.
Analysts believe the transparency surrounding the recent transaction will help dispel misinformation and restore focus to First HoldCo’s strategic progress under its current leadership.
The NGX is expected to reflect the updated shareholding structure following regulatory confirmation of the buyer’s position.
