JUST IN: First HoldCo denies Otedola, FG involvement in N323.4bn share sale

First HoldCo Plc has officially denied speculation surrounding its chairman, Mr. Femi Otedola, in relation to the recent ₦323.4 billion off-market block trade of its shares, clarifying the identities of the actual parties involved.

In a statement released on Friday and signed by the Company Secretary, Mr. Adewale Arogundade, the company addressed media reports—both in print and online—linking Otedola and the Federal Government to the transaction.

“We wish to state that the Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria or any of its agencies acquire the shares in trust,” the statement emphasized.

According to First HoldCo, the sellers in the transaction were Barbican Capital Limited and its affiliates, as well as Leadway Group and its affiliates. The buyer was identified as RC Investment Management Limited.

The transaction, which took place on July 16, 2025, involved the negotiated exchange of over 10 billion shares at ₦31 per share, executed across 17 deals on the Nigerian Exchange Limited (NGX). The sheer size and value of the deal attracted significant market attention, fueling speculation about a potential change in the company’s shareholding structure.

The company’s statement aims to dispel those rumours and affirm transparency in its shareholder dealings.

As of the time of reporting, RC Investment Management Limited and other parties involved in the transaction have yet to release any public statements.