First HoldCo Denies Otedola, FG Involvement in N323.4bn Share Sale

First HoldCo Plc has firmly debunked widespread speculation suggesting that its Chairman, Mr. Femi Otedola, or the Federal Government of Nigeria played a role in the recent ₦323.4 billion block sale of the company’s shares.

In an official statement issued on Friday by the Company Secretary, Adewale Arogundade, the financial holding group clarified the identities of the parties involved in the significant off-market transaction, which was executed on the Nigerian Exchange Limited (NGX) in mid-July.

“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, nor any of its agencies, acquire the shares in trust,” the statement read.

The company emphasized that contrary to media reports and online speculation, the transaction neither involved Mr. Otedola nor any government-related entities.

First HoldCo identified the actual sellers as Barbican Capital Limited & affiliates and Leadway Group & affiliates, while the buyer was confirmed to be RC Investment Management Limited, an institutional investor.

The clarification comes after the NGX witnessed a massive block trade in First HoldCo shares, triggering market chatter and raising questions about a potential shift in control or significant shareholder influence within the company.

Industry analysts had initially speculated that the scale of the transaction valued at ₦323.4 billion signified strategic positioning by influential interests within Nigeria’s financial sector.

First HoldCo Plc reiterated its commitment to transparency and regulatory compliance, urging the investing public and media stakeholders to rely on verified disclosures rather than speculation.

The company’s statement aims to calm investor nerves and preserve market confidence amid heightened attention surrounding ownership changes in Nigeria’s banking and financial services sector.