UPDATED: First Holdco refutes FG, Otedola’s involvement in N312.25bn shares acquisition on NGX

First HoldCo Plc on Friday evening has denied reports linking its chairman, Mr. Femi Otedola, and the Federal government to the acquisition of N312.25 billion block sale of its shares on the Nigerian Exchange Limited (NGX).

However, a report has revealed that a Lagos-based RC Investment Management Limited, primarily controlled by Sule Samuel Babatunde, acquired 10.43 billion shares in First Holdco (parent of First Bank) from prominent sellers Oba Otudeko and Tunde Hassan‑Odukale.

The acquisition comprised about 7.787 billion shares from Otudeko-linked firms and 2.647 billion shares from Odukale‑linked entities.

A statement signed by its Company Secretary, Mr Adewale Arogundade, on the Exchange  addressed the rumours about the ownership of shares exchanged in the recent off-market deal.

“We wish to state that the Chairman of FirstHoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria nor any of its Agencies, acquire the shares in Trust,” the statement partly reads.

The company stated that Otedola did not purchase any of the shares involved in the transaction.

It also dispelled suggestions that the Federal Government of Nigeria or any of its agencies acquired the shares in trust.

The statement said, “The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.”

This clarification follows market speculation and widespread rumours about a possible shift in the shareholding structure of First HoldCo after a large block transaction was executed on the Nigerian Exchange Limited in mid-July.

The N312.25 billion transaction  involved over 10.43 billion shares traded in 17 negotiated deals at N31 per share on July 16, 2025.