Reviews reaching Nairametrics point out that the current off-market commerce involving 10.43 billion shares of FirstHoldCo, valued at N323.4 billion, was executed by RC Investments Ltd, a Particular Objective Car (SPV) linked to Renaissance Capital.
The share sale, which occurred on July 16, 2025, confirms the exit of Oba Otudeko’s Barbican Capital from the {financial} holding firm.
The transaction, priced at N31 per share throughout 17 negotiated offers, represents roughly 25% of FirstHoldCo’s excellent shares. It has since triggered a rally within the inventory, which closed at N32.20 per share following the announcement.
A notification posted on the NGX on July 18 said disclosed an “preliminary” 6,314,116,229 models at N31.00 per share. Nairamerics understands {that a} press launch can be issued quickly on the NGX to formally reveal the transaction purchaser.
The deal additionally sparked widespread hypothesis concerning the identification of the customer and the longer term course of the corporate’s possession.
Whereas some media experiences claimed that the shares have been acquired instantly by Femi Otedola, others alleged that they have been bought by the Federal Authorities by way of a trustee association arrange by the Workplace of the Legal professional Basic in collaboration with the Central Bank of Nigeria (CBN).
In line with these experiences, the federal government was stated to be quickly holding the shares pending a strategic resolution associated to FirstHoldCo’s capital elevate.
Nevertheless, Nairametrics sources with information of the transaction have dismissed these claims, confirming as an alternative that RC Investments Ltd, the SPV linked to Renaissance Capital, was the precise acquirer.
Included within the sale have been divestments from Leadway Group and its associated companions, who, in response to our sources, joined Barbican Capital to exit the {bank}, which they’d collectively managed for years.
A proper announcement is anticipated quickly, which can present additional readability on the evolving possession construction and the corporate’s strategic course following the acquisition.
Nairametrics first reported the transaction on Wednesday after our analysts noticed the unusually giant negotiated block trades on the Nigerian Change (NGX).
The sale marks the ultimate exit of Oba Otudeko, who has lengthy been related to FirstHoldCo and its predecessor entities.
Sources near the transaction disclosed that though discussions had taken place with Otedola’s camp, neither he nor any present main shareholder acquired the shares instantly.
This left room for hypothesis on whether or not the SPV could possibly be appearing on behalf of a consortium or institutional investor.
The rally in FirstHoldCo’s share worth, up over 20% this week, suggests renewed investor confidence or expectations of a possible shake-up in governance or strategic course.
Extra to observe…..
