RC Investment transfers 5.2bn First HoldCo shares to investors
RC Investment Management Limited (RCIM) has transferred about 5.2 billion First HoldCo Plc shares to investors as part of an ongoing disposal of a 10.43 billion-unit shareholding acquired in July 2025.
In a statement on Thursday, First HoldCo and RCIM said the shares were acquired by RCIM under a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement, with the investment firm acting as an independent bridge holder.
The transaction involves the sale of existing shares through the Nigerian Exchange Limited (NGX), rather than the issuance of new shares.
“As of today, about 5.2 billion units have been crossed to subscribers, with further crossings expected as requisite regulatory approvals are secured and the remaining execution processes are completed,” the statement reads.
“Accordingly, the significant volumes being recorded in FirstHoldCo shares reflect, in substantial part, the ongoing transfer of the RCIM block to investors.”
The firms added that strong subscriptions and investor demand reflected confidence in the financial services group, citing its financial performance, fundamentals and long-term growth prospects.
First HoldCo also said it ranked first among the ‘FUGAZ’ banking groups in total shareholder returns, having delivered returns of more than 200 percent between January 2026 and October 2026.
The companies said the transaction would help complete the divestment programme and broaden First HoldCo’s investor base.
RCIM acquired the 10.43 billion shares in July 2025 from entities associated with Oba Otudeko and Tunde Hassan-Odukale in a transaction valued at about N323.45 billion.
The shares were acquired at N31 each, according to earlier reports.
In August 2025, Wale Oyedeji, managing director of First HoldCo Plc, said the company will divest shares currently held by RC Investment Management Ltd., a special purpose vehicle (SPV) involved in a recent stake transfer.
The managing director said the shares will be sold in the open market, but did not provide a timeline.
