First HoldCo Plc Shares Bought by RC Investment, not Femi Otedola nor FG

First HoldCo Plc management on Friday dispelled media speculation about who bought N323.4 billion of its shares in block transaction, one of the largest single deals on the Nigerian Exchange Limited (NGX).

First HoldCo Plc said, the deal which was executed in 17 negotiated trade on Wednesday, July 16, 2025, was sold by Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.

The Bank said the Chairman of FirstHoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria nor any of its Agencies, acquire the shares in Trust.

Reports had earlier speculated that the deal involved the movement of over 10 million shares through multiple brokers, including Meristem Stockbrokers, Rencap Securities, CardinalStone Securities, United Capital Securities as well as Stanbic IBTC Stockbrokers and United Capital Securities.

Huge backlash followed the transaction because it breached the NGX Exchange rules mandate which stipulates that any transaction involving 5% or more of listed firm’s shares must be publicly disclosed.

It comes also amid speculations that Mr. Femi Otedola had increased his shares holding in the bank to 40%, from its current 15%.