Big Shift at First HoldCo! 25% Stake Set for Market Sale After Otudeko’s Exit
Here’s What You Need to Know:
In a major corporate development, First HoldCo Plc has announced plans to dispose of a 25% stake in the company that recently changed hands through a high-profile off-market transaction.
The shares—equivalent to 10.43 billion ordinary shares—were previously held by Barbican Capital Ltd. and transferred to a special purpose vehicle, RC Investment Management Ltd., in July 2025. This ₦323.33 billion deal, executed at an average of ₦31 per share, was one of the largest negotiated block trades in recent Nigerian capital market history. ️
️ What the Company Is Saying:
Speaking during an investor call, Wale Oyedeji, Managing Director of First HoldCo, confirmed that the shares will eventually be sold on the open market, though no fixed timeline was provided. He described RC Investment as merely a “temporary holder” of the stake.
Despite this massive ownership reshuffle, Oyedeji reassured stakeholders that the firm’s capital raise efforts remain unaffected, noting that the ₦350 billion capital raising initiative is “progressing as planned.”
️♂️ Regulatory Spotlight:
The Securities and Exchange Commission (SEC) had previously expressed concerns about the opaque ownership structure of RC Investment Management. Once the divestment is completed, it is expected to enhance transparency and governance at First HoldCo — a move welcomed by regulators and investors alike. ⚖️
Impact on the Market:
The July block deal significantly boosted activity on the Nigerian Exchange:
• Volume traded surged by 807.03% to 11.67 billion units
• Total value traded jumped by 1,028.44% to ₦363.41 billion
• First HoldCo shares spiked to a 52-week high of ₦36.45
What’s Next for First HoldCo:
• Actively working to strengthen its capital base in line with new CBN minimum requirements
• Plans to raise an additional ₦350 billion via private placements this quarter
• Recently concluded a successful ₦147 billion rights issue
• Shareholders also approved a dividend of 40 kobo per 50 kobo share, totaling ₦14.36 billion for FY 2023
Background:
This move comes on the heels of the exit of Oba Otudeko, a former chairman and major shareholder, whose firms—along with those linked to Tunde Hassan-Odukale—were central to the block transaction that reshaped First HoldCo’s ownership.
Bottom Line:
This development signals a new era of transparency and corporate governance at First HoldCo, with the disposal of the 25% stake set to reshape shareholder dynamics and open the door for strategic investors. All eyes now turn to how the market responds once the shares hit public trading floors.
#FirstHoldCo #CapitalMarkets #CBN #InvestSmart #CorporateGovernance #NigeriaBusinessNews
Here’s What You Need to Know:
In a major corporate development, First HoldCo Plc has announced plans to dispose of a 25% stake in the company that recently changed hands through a high-profile off-market transaction.
The shares—equivalent to 10.43 billion ordinary shares—were previously held by Barbican Capital Ltd. and transferred to a special purpose vehicle, RC Investment Management Ltd., in July 2025. This ₦323.33 billion deal, executed at an average of ₦31 per share, was one of the largest negotiated block trades in recent Nigerian capital market history. ️
️ What the Company Is Saying:
Speaking during an investor call, Wale Oyedeji, Managing Director of First HoldCo, confirmed that the shares will eventually be sold on the open market, though no fixed timeline was provided. He described RC Investment as merely a “temporary holder” of the stake.
Despite this massive ownership reshuffle, Oyedeji reassured stakeholders that the firm’s capital raise efforts remain unaffected, noting that the ₦350 billion capital raising initiative is “progressing as planned.”
️♂️ Regulatory Spotlight:
The Securities and Exchange Commission (SEC) had previously expressed concerns about the opaque ownership structure of RC Investment Management. Once the divestment is completed, it is expected to enhance transparency and governance at First HoldCo — a move welcomed by regulators and investors alike. ⚖️
Impact on the Market:
The July block deal significantly boosted activity on the Nigerian Exchange:
• Volume traded surged by 807.03% to 11.67 billion units
• Total value traded jumped by 1,028.44% to ₦363.41 billion
• First HoldCo shares spiked to a 52-week high of ₦36.45
What’s Next for First HoldCo:
• Actively working to strengthen its capital base in line with new CBN minimum requirements
• Plans to raise an additional ₦350 billion via private placements this quarter
• Recently concluded a successful ₦147 billion rights issue
• Shareholders also approved a dividend of 40 kobo per 50 kobo share, totaling ₦14.36 billion for FY 2023
Background:
This move comes on the heels of the exit of Oba Otudeko, a former chairman and major shareholder, whose firms—along with those linked to Tunde Hassan-Odukale—were central to the block transaction that reshaped First HoldCo’s ownership.
Bottom Line:
This development signals a new era of transparency and corporate governance at First HoldCo, with the disposal of the 25% stake set to reshape shareholder dynamics and open the door for strategic investors. All eyes now turn to how the market responds once the shares hit public trading floors.
#FirstHoldCo #CapitalMarkets #CBN #InvestSmart #CorporateGovernance #NigeriaBusinessNews