The Securities and Change Fee (SEC) has confirmed that it permitted the sale of shares in First HoldCo by Oba Otudeko, chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, to RC Funding Administration Restricted.
The SEC granted a “no objection” to the transaction after due consideration and in full compliance with relevant necessities.
This was confirmed in a statementon Thursday by Efe Ebelo, the SEC’s head of exterior relations.
The block commerce, executed off-market on the Nigerian Change (NGX) on July 16, 2025, concerned 10.43 billion shares at N31 per share, totaling N323.4 billion.
This transaction represents roughly 25% of the entire excellent shares of FirstHoldCo Plc and marks the exit of Oba Otudeko, a long-time stakeholder and former key determine inside FirstHoldCo and its predecessor entities.
The SEC clarified that its correspondence with the operators was not a question, however a part of an automatic compliance mechanism aimed toward enhancing transparency and guaranteeing the correct closure of huge market transactions.
“The Fee granted a ‘no objection’ to the transaction after due consideration and in full compliance with relevant necessities,” the SEC mentioned.
The fee reaffirmed its dedication to sustaining a good, orderly, and environment friendly market, safeguarding buyers, and supporting capital formation in Nigeria.
FirstHoldCo had in a press release signed by Firm Secretary Adewale Arogundade, distanced each its Chairman and the federal authorities from the high-profile deal.
“The Chairman of FirstHoldCo, Femi Otedola, didn’t buy any of the shares in query, nor did the Federal Authorities of Nigeria or any of its companies purchase the shares in belief,” the assertion learn.
Based on the corporate, the sellers have been Barbican Capital Restricted & associates linked to longstanding shareholder Oba Otudeko, and Leadway Group & associates.
The customer was confirmed as RC Funding Administration Ltd; a Particular Objective Automobile related to Renaissance Capital.
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