•Shares with CBN-approved trustee, says AGF
First Holdco Plc yesterday confirmed exit of its longstanding shareholder and former chairman, Oba Otudeko and another major shareholder and director, Tunde Hassan-Odukale, in a N323 billion buyout deal sanctioned by the Central Bank of Nigeria (CBN).
In a regulatory filing at the Nigerian Exchange (NGX) yesterday, the board of First Holdco confirmed that Otudeko and Hassan-Odukale sold their shares to RC Investment Management.
A search indicated RC Investment Management is a subsidiary of Renaissance Capital. It was incorporated in May 2024 with Sule Samuel Babatunde, the Chief Executive Officer of Renaissance Capital holding the 100 per cent equity stake as person with significant control.
The Nation had reported that a total of 10.43 billion ordinary shares of First Holdco valued at N323.33 billion were swapped in off-market, negotiated deals at the Nigerian Exchange (NGX) on Wednesday. The transactions were crossed in 17 deals at N31 per share.
In a regulatory filing at the NGX Regulation (NGX Regco), which oversees activities at the NGX, the board of First Holdco, in a statement signed by Company Secretary, Adewale Arogundade, said the transaction did not involve chairman of the group, Femi Otedola, or any government officials and agencies, as previously reported by some media, not The Nation.
According to group, the transactions were between Otudeko’s Barbican Capital and Affiliates and Hassan-Odukale’s Leadway Group and affiliates as seller and RC Investment Management Limited as buyer.
The banking group, in another filing yesterday, also confirmed sale of shares by Barbican Capital, whose controlling stake resides with the Otudekos.
A breakdown of the transaction obtained yesterday indicated that RC Investment Management acquired about 7.787 billion shares worth N241.4 billion from Otudekos and 2.647 billion shares worth N82 billion from Hassan-Odukales.
The transaction represented about 25 per cent majority stake in the group, which currently has 41.87 billion outstanding shares.
Meanwhile, the office of the Attorney General of the Federation (AGF) yesterday said it was “aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party”, in relation to the buyout.
In a statement signed by S A to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, Kamarudeen Ogundele, the AGF denied any federal government involvement in the 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.
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“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,” Ogundele stated.
He urged the media to exercise restraint, professionalism and due diligence in carrying out their duties to avoid violating the law.
He said: “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”.