FBN Holdings Plc, the parent company of FirstBank, witnessed a massive off-market transaction on July 16, 2025, involving 10.43 billion units of its shares valued at N323.4 billion.
The negotiated trades, executed at N31.00 per share across 17 deals, have triggered fresh speculation over a possible realignment in the ownership structure of the financial holding company.
FirstHoldCo share price closed at N32.2 per share.
According to details on the Nigerian Exchange, the bulk purchase was brokered by First Securities Ltd, a firm within the FirstHoldCo group, suggesting that the deal may be related to an internal restructuring or insider-led consolidation.
On the sell side were multiple high-profile brokers, including CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, United Capital Securities, Stanbic IBTC Stockbrokers, and even First Securities Ltd itself.
Nairametrics understands from sources with knowledge of the matter that the sale is connected to the exit of Barbican Capital from the company’s shareholding structure following a deal reached in recent weeks.
The sources, who spoke under the condition of anonymity, disclosed that the block trade was part of a pre-arranged off-market transaction between willing parties, rather than a spontaneous market sell-down.
No official disclosure yet
As of press time, FBN Holdings Plc and the Nigerian Exchange Limited (NGX) have not issued any official statements confirming a change in substantial shareholding or insider transactions.
This has left room for widespread speculation, particularly as the buyer, First Securities Ltd, is affiliated with the financial group itself.
Market watchers recall that FirstHoldCo’s ownership structure has been under intense public scrutiny in recent years following a series of stake-building moves by prominent Nigerian investors.
Investors are advised to await official confirmation in line with NGX’s Rulebook on the disclosure of substantial shareholding and insider trades, especially given the scale and coordinated nature of the transactions.
What we know about the shareholding structure
Prior to the July 16 transaction, FBN Holdings had 35.89 billion outstanding shares, according to its 2024 audited financial statements.
The Register of Members as of December 31, 2024, showed the following substantial shareholders:
- Femi Otedola (Direct) – 1.69 billion shares (4.71%)
- Femi Otedola via Calvados Global Services (Indirect) – 2.54 billion shares (7.09%)
- Barbican Capital Limited – 3.10 billion shares (8.65%)
Combined, these holdings represented over 20% of total shares outstanding.
Barbican Capital’s direct stake of 8.65% positioned it as one of the largest shareholders in the company.
Its apparent exit—if confirmed—would mark a significant change in the boardroom dynamics of FirstHoldCo.
Who is First Securities Ltd?
First Securities Ltd, the buyer in the block deal, is a SEC-registered brokerage firm and part of the FirstHoldCo ecosystem.
Based in Ikoyi, Lagos, it offers capital market services spanning equity brokerage, fixed income (including FGN Savings Bonds and Commercial Paper), public offerings, corporate advisory, and share registration.
Its involvement as both a buyer and seller in the off-market trades may indicate an internal rebalancing or the onboarding of new strategic shareholders through nominee structures.
Implications and market reaction
While the transaction was conducted off-market and did not affect the share price in the regular order book, its magnitude and structure have sparked intense interest.
- Analysts say such large, negotiated deals typically signal a realignment of control or strategic repositioning within the company.
- With Barbican Capital now speculated to be out of the picture, attention may shift to whether Femi Otedola or any other major investors are consolidating their grip on the financial services group.
- However, without a regulatory filing or a statement from the company, investors and market participants are left in the dark.
