On Wednesday, July 16, 2025; FirstHoldco (FIRSTHOLDCO) dominated market activity, appreciating by 9.90% and accounting for about 90% of the total volume and traded value in major blocs against the back of an off-market transaction(s) involving 10.46bn shares.
The stock traded above its 52-week high at N32.20, with a total traded volume and value of 10.47bn and N324.47bn units traded. FIRSTHOLDCO saw the highest traded value, with a 89.29% share of the total value contribution, while UBA and ZENITHBANK followed closely.
These transactions naturally attracted interest for which market stakeholders sought clarity from both the NGX and FirstHoldco, attracting both curiosity and interest, with attendant implications for the capital market pitch during an industry recapitalisation and investment drive. In the absence of any formal communications attending such transactions, news, comments, and opinions were varied on what had transpired, which appears to be an intra-company resolution or inter-account transfer.
For a public quoted company, the exchange and the entire market, these matters are nuanced. Not a few believed that if the listed entity had provided prompt market information, these could have been avoided.
FirstHoldCo Formally Informs the NGX
Earlier today, FirstHoldco, offered a response to the media reports via a letter to the NGX regarding these transactions titled: RE: RUMOUR ON FIRST HOLDCO PLC SALES OF SHARES, wherein it stated that:
“The attention of First HoldCo Plc. (“FirstHoldCo”) has been drawn to the recent rumours in the print and digital media (ThisDay and BusinessdDay newspapers and AriseTV) about recent share sales in FirstHoldCo.
We wish to state that 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. The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.”
Source: Newspapers, FBNH, NGX
The STATEHOUSE Issues a Formal Response
In a State House Release issued this evening, the Office of the Attorney General of the Federation and Minister of Justice responded to a series of reporting in the media about the exit resolutions around the stake of two former shareholders of FirstHoldco Plc. Find below the State house Press release.
AGF Denies FG’s Involvement in First Holdco Share Acquisition
“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025 and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.
The report is inaccurate, misleading, resentful and malicious.
Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.
The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.
The circumstances surrounding the shareholding structure are distinct from any government involvement.
However, it is aware of a trustee set up by the First Holdco, with the Central Bank of Nigeria (CBN) approving Renaissance Capital to oversee it as a third party.
We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.
We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu.
Kamarudeen Ogundele
S A to the President on Communication and Publicity,
Office of the Attorney General of the Federation and Minister of Justice
July 18, 2025
RECALL: Thisday’s News Report:
“Contrary to our earlier report suggesting that Mr. Femi Otedola, had increased his shares stake in First Holdco Plc to 40 per cent, from his current 15 per cent, emerging details have revealed that the shares were actually acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.
The trustee was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.
“The shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement”, a source familiar with the deliberations told THISDAY last night.
Oba Otudeko, the erstwhile Chairman of FirstHoldco, was forced to sell off over 20 percent of shares linked to him. Also, another long-term shareholder, the Hassan-Odukale family, voluntarily exited the bank and sold five percent of their holdings in a mega transaction as they sought better shareholder value elsewhere.
It was gathered that the off-market deal was executed at a fixed price of N31.00 per share on NGX as the lender’s stock price yesterday gained 9.9 per cent to close at N32.2 per share.
A source had told THISDAY that the transactions were negotiated deals, which meant the trades were arranged privately between parties and then reported to the Exchange—not through the regular buy/sell orders seen during daily trading sessions.
Findings showed that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Ltd, Meristem Stockbrokers Ltd, Renaissance Capital (Rencap) Securities Ltd, Regency Asset Management Ltd, United Capital Securities Ltd, Stanbic IBTC Stockbrokers Ltd as the seller of First Holdco’s stock.
It was learnt that First Securities Ltd also acted as seller in some deals, indicating a portfolio reshuffling or inter-account transfer. “
Footnote:
Proshare will issue an #AnalystNote by the end of the new week. Meanwhile, below we share a screenshot of the buyer, RC Investment Management Limited – referenced in the FirstHolco Letter to the NGX
Source: Corporate Affairs Commission (CAC)
