FirstHoldco to Divest Shares from RC Investment, Says MD

First HoldCo is set to divest shares currently held by RC Investment, as announced by the Managing Director.

During an investor call in Lagos, reported by Bloomberg on Monday, the managing director disclosed that the shares would be sold on the open market, though no specific timeline was provided.

“We will be divesting these shares, and a variety of options are available to us,” Oyedeji stated.

He further added, “Ultimately, these shares will be released into the market.”

It was highlighted that RC Investment’s holding of the shares is merely “temporary.”

In July, Barbican Capital Limited, a company associated with the former First Bank chairman, Oba Otudeko, divested approximately 25 percent of First HoldCo’s shares.

Otudeko, who also chairs Honeywell Group, along with Tunde Hassan-Odukale, group managing director of Leadway Assurance and principal shareholder, collectively sold over 10 billion shares in First HoldCo’s block transaction.

The stake was transferred to RC Investment, but the identity of the beneficial owner remained undisclosed, raising concerns about potential breaches of disclosure regulations.

However, on July 24, the Securities and Exchange Commission (SEC) confirmed its approval of the transaction.

In further remarks during the call, Oyedeji assured that First HoldCo’s ongoing recapitalisation strategy is proceeding as scheduled.

“Capital raising is advancing according to plan and remains unaffected by the recent share divestment,” he affirmed.

First HoldCo intends to secure approximately N350 billion through private placements in the third quarter (Q3) of 2025.

This follows the acquisition of N147 billion through a rights issue earlier this year.

The capital raising initiative is a response to the Central Bank of Nigeria’s (CBN) recapitalisation mandate, which stipulates that banks with international licenses must elevate their capital base to N500 billion.

On July 22, the CBN announced that only eight banks have fully complied with their recapitalisation obligations.