Reports reaching Nairametrics indicate that the recent off-market trade involving 10.43 billion shares of FirstHoldCo, valued at N323.4 billion, was executed by RC Investments Ltd, a Special Purpose Vehicle (SPV) linked to Renaissance Capital.
The share sale, which took place on July 16, 2025, confirms the exit of Oba Otudeko’s Barbican Capital from the financial holding company.
The transaction, priced at N31 per share across 17 negotiated deals, represents approximately 25% of FirstHoldCo’s outstanding shares. It has since triggered a rally in the stock, which closed at N32.20 per share following the announcement.
A notification posted on the NGX on July 18 stated disclosed an “initial” 6,314,116,229 units at N31.00 per share. Nairamerics understands that a press release will be issued soon on the NGX to officially reveal the transaction buyer.
The Barbican Sale
The deal also sparked widespread speculation about the identity of the buyer and the future direction of the company’s ownership.
While some media reports claimed that the shares were acquired directly by Femi Otedola, others alleged that they were purchased by the Federal Government through a trustee arrangement set up by the Office of the Attorney General in collaboration with the Central Bank of Nigeria (CBN).
According to those reports, the government was said to be temporarily holding the shares pending a strategic decision related to FirstHoldCo’s capital raise.
However, Nairametrics sources with knowledge of the transaction have dismissed these claims, confirming instead that RC Investments Ltd, the SPV linked to Renaissance Capital, was the actual acquirer.
Included in the sale were divestments from Leadway Group and its related partners, who, according to our sources, joined Barbican Capital to exit the bank, which they had jointly controlled for years.
A formal announcement is expected soon, which may provide further clarity on the evolving ownership structure and the company’s strategic direction following the acquisition.
Backstory
Nairametrics first reported the transaction on Wednesday after our analysts observed the unusually large negotiated block trades on the Nigerian Exchange (NGX).
The sale marks the final exit of Oba Otudeko, who has long been associated with FirstHoldCo and its predecessor entities.
Sources close to the transaction disclosed that although discussions had taken place with Otedola’s camp, neither he nor any existing major shareholder acquired the shares directly.
This left room for speculation on whether the SPV could be acting on behalf of a consortium or institutional investor.
The rally in FirstHoldCo’s share price, up over 20% this week, suggests renewed investor confidence or expectations of a potential shake-up in governance or strategic direction.
More to follow…..
