A significant off-market trade involving 10.43 billion shares of FirstHoldCo, valued at N323.4 billion, was executed by RC Investments Ltd, a Special Purpose Vehicle (SPV) affiliated with Renaissance Capital.
The July 16, 2025, transaction confirmed the full divestment of Oba Otudeko’s Barbican Capital from the firm. Priced at N31 per share across 17 negotiated deals, the sale accounted for roughly 25% of FirstHoldCo’s total shareholding.
The deal triggered a surge in the company’s stock price, which closed at N32.20 per share following the disclosure.
Speculation swirled around the buyer’s identity, with some reports naming Femi Otedola, and others suggesting government acquisition through a trustee structure involving the Attorney General’s office and the Central Bank of Nigeria (CBN).
However, sources with direct knowledge of the trade told Nairametrics that RC Investments Ltd — the Renaissance Capital-linked SPV — was the true buyer.
A formal statement is expected to be issued soon to clarify the ownership realignment and provide details on the new strategic vision for the firm.
The sale finalises the exit of Oba Otudeko, ending a long-standing association with the financial institution. Sources added that while discussions occurred with Otedola’s representatives, no shares were acquired by him or existing major shareholders.
The transaction has been interpreted as a potential pivot point for FirstHoldCo, with the share price rally reflecting renewed investor confidence and anticipation of a shake-up in governance and corporate strategy.
