The Securities and Exchange Commission (SEC) has confirmed its approval of the landmark off-market acquisition of 10.43 billion shares in FirstHoldCo Plc by RC Investment Management Limited, marking a significant shift in the ownership structure of one of Nigeria’s largest financial holding companies.
The transaction, which took place on July 16, 2025, on the Nigerian Exchange (NGX), involved a block trade valued at ₦323.4 billion, with shares sold at N31 per unit. This represents approximately 25% of the total outstanding shares of FirstHoldCo Plc.
According to a statement issued on Thursday by Efe Ebelo, Head of External Relations at the SEC, the Commission granted a “no objection” to the transaction after thorough review and in full compliance with all applicable regulatory requirements.
“The Commission granted a ‘no objection’ to the transaction after due consideration and in full compliance with applicable requirements,” the statement read.
It further clarified that its correspondence with transaction operators was not a regulatory query, but rather part of its automated compliance monitoring framework, designed to enhance transparency and ensure proper market conduct in large trades.
The approved sale marks the official exit of Oba Otudeko, long-time stakeholder and influential figure in FirstHoldCo and its predecessor companies. Also involved in the divestment is Tunde Hassan-Odukale, Group Managing Director of Leadway Assurance.
The sellers were identified as Barbican Capital Limited and affiliates (linked to Otudeko), and Leadway Group and its affiliates.
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The buyer, RC Investment Management Ltd, is a Special Purpose Vehicle associated with Renaissance Capital, a global emerging and frontier markets investment firm. The deal is considered one of the largest off-market trades in NGX history and has already ignited speculation about potential strategic changes within FirstHoldCo.
In a separate statement issued by the company’s secretary, Adewale Arogundade, FirstHoldCo distanced both its current chairman and the federal government from the transaction.
“The Chairman of FirstHoldCo, 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 clarified.
The SEC reiterated its commitment to maintaining a fair, orderly, and efficient capital market that protects investors and facilitates capital formation in Nigeria.
With new investors assuming a significant stake, market watchers are closely monitoring the situation for potential boardroom changes, fundraising initiatives, or strategic realignments in FirstHoldCo’s operations.
The development signals not only a reshuffling of shareholder influence but possibly a new era in the company’s growth trajectory.
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