First HoldCo to sell RC Investment Management 25% Stake

First HoldCo Plc has confirmed it will sell shares held by a special purpose vehicle (SPV), RC Investment Management Ltd., following the prior sale from Barbican Capital in a 25% block deal.

Wale Oyedeji, the Group Managing Director, said, “We will be disposing those shares and there are a range of options available to us.”

Last month, Barbican Capital Ltd. sold approximately 25% of First HoldCo’s shares, equivalent to 10.4 billion units, valued at ₦31 per share (₦323 billion), to RC Investment Management, with the owner’s identity undisclosed.

First HoldCo officially denied reports that Chairman Femi Otedola or the Nigerian government acquired the shares, stating instead that Barbican and Leadway Group affiliates were the sellers, and RC Investment Management Ltd. the sole buyer.

Oyedeji reaffirmed that capital raising remains on course and unaffected by the divestment. First HoldCo raised ₦150bn via a rights issue, which was 25% oversubscribed, totaling ₦187.6bn, and now plans to raise another ₦350bn through private placements this quarter to meet the Central Bank’s ₦500bn tier‑1 capital threshold for internationally licensed banks.

Observers, including capital market operators, are calling for due diligence on RC Investment Management’s identity and intentions, given its 25% stake, enough to influence governance and strategic direction. Questions linger about transparency, funding sources, and the long‑term investor profile.

The Nigerian Securities and Exchange Commission is reportedly probing the transaction and seeking clarity from the Central Bank