By Charles Pemu 
LAGOS — First HoldCo Plc has announced plans to divest a 25 per cent equity stake recently transferred to RC Investment Management Ltd., a special purpose vehicle (SPV) established to temporarily hold the shares. The move, aimed at restructuring the firm’s shareholder base, comes amid heightened regulatory scrutiny and a broader capital raise agenda.
Wale Oyedeji, Managing Director of First HoldCo, revealed the development during an investor conference call in Lagos, according to Bloomberg. He noted that while several divestment options are under consideration, the shares will ultimately be “disposed of in the market,” though he declined to provide a specific timeline.
The 10.43 billion shares—representing a quarter of First HoldCo’s outstanding equity—were previously held by Barbican Capital Ltd. and transferred in July through an off-market block transaction valued at ₦323.33 billion. The deal, executed across 17 negotiated trades at an average price of ₦31 per share, was one of the largest equity transfers in the Nigerian capital market this year.
RC Investment Management was described as a “temporary vehicle” pending full divestment. “We’re committed to transparency and this transaction does not impact our capital raise programme, which is progressing as planned,” Oyedeji stated.
Capital Raise Uninterrupted
Despite the monumental share movement, First HoldCo affirmed that its ambitious capital mobilisation strategy remains intact. The group is working to meet the Central Bank of Nigeria’s new minimum capital requirements, which call for significant balance sheet expansion among Tier-1 banks.
Following the successful completion of a ₦147 billion rights issue earlier this year, the group is targeting an additional ₦350 billion through private placements scheduled for the current quarter.
At its last Annual General Meeting, shareholders approved the fresh capital raise and a rebranding resolution that transitioned the company from FBN Holdings to First HoldCo Plc. A 40 kobo dividend per 50 kobo ordinary share—amounting to ₦14.36 billion—was also ratified for the 2023 fiscal year.
Opaque Shareholding, Regulatory Focus
The transfer of such a substantial equity block has reignited concerns about governance and shareholder transparency at First HoldCo. The Nigerian Securities and Exchange Commission (SEC) has already raised red flags over the opaque ownership structure behind RC Investment Management, demanding greater clarity on the identity of its beneficial owners.
The deal also marked the exit of Oba Otudeko, former FirstBank chairman and long-time influential stakeholder, from the group. Entities linked to another former chairman, Tunde Hassan-Odukale, were also reportedly involved in the July transaction, effectively reshaping the ownership architecture of one of Nigeria’s most systemically important financial institutions.
Market Impact and Share Performance
The block trade had an immediate impact on the Nigerian capital market. Data from CardinalStone Securities indicated that the transaction pushed daily trading volume on the Nigerian Exchange up by 807.03% to 11.67 billion units, while total value traded surged by 1,028.44% to ₦363.41 billion on the same day. First HoldCo shares also soared to a 52-week high of ₦36.45, reflecting renewed investor interest.
As the company prepares for the next phase of its strategic realignment, market watchers will be closely monitoring how the planned divestment plays out—and whether it finally ushers in a new era of transparency, stability, and long-term value creation at the institution.