The Federal Government of Nigeria and billionaire businessman Femi Otedola, Chairman of FirstHoldCo Plc, have denied any involvement in the recent acquisition of about 25% of FirstHoldCo’s shares worth over N323 billion.
This clarification comes after widespread reports claimed the transaction was carried out using a government-backed Special Purpose Vehicle (SPV), Nairametrics reported.
Several online platforms, excluding Nairametrics, alleged that a trustee representing the federal government, under the supervision of the Attorney General’s office and the Central Bank of Nigeria (CBN), facilitated the acquisition.
These reports suggested the shares were being held temporarily for future strategic decisions tied to the recapitalization of FirstBank, in line with new requirements from the CBN.
Responding to the speculation, Kamarudeen Ogundele, Special Adviser on Communication and Publicity to the Attorney General of the Federation and Minister of Justice, issued a statement labeling the reports as “false, misleading, resentful and potentially harmful.”
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“The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about FirstHoldCo’s ownership and governance,” Ogundele said.
He emphasized that Attorney General Lateef Fagbemi and his office had no knowledge of, nor were they involved in, any share purchase agreement.
Ogundele confirmed that although the government was aware of a trustee structure approved by the CBN, it had no official role or connection to the transaction.
He added that RENCAP (Renaissance Capital) had been appointed by the CBN as an independent third-party overseer of the trustee arrangement.
According to Nairametrics, RC Investments Ltd, an SPV tied to Renaissance Capital, was the actual entity behind the acquisition.
In a separate statement, FirstHoldCo, through its Company Secretary Adewale Arogundade, clarified that neither its Chairman, Femi Otedola, nor the Federal Government had any involvement in the purchase of the shares.
“The Chairman of FirstHoldCo, 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 company stated.
The sellers were identified as Barbican Capital Limited and affiliates linked to long-time shareholder Oba Otudeko, alongside Leadway Group and its affiliates.
The buyer, confirmed as RC Investment Management Ltd, is a Special Purpose Vehicle connected to Renaissance Capital.
The transaction took place off-market on the Nigerian Exchange (NGX) on July 16, 2025.
It involved 10.43 billion shares traded at N31 per share across 17 negotiated deals, totaling N323.4 billion.
This accounts for roughly 25% of FirstHoldCo’s total outstanding shares.
Following the deal, FirstHoldCo’s share price rose to N32.20, marking a more than 20% increase in a week as investors reacted to what appeared to be strong institutional interest and potential shifts in governance or strategy.
The trade also signifies the exit of Oba Otudeko, a long-standing figure in FirstHoldCo and its earlier entities.
Described as one of the biggest off-market transactions in NGX history, the acquisition has sparked talk about possible boardroom changes, capital-raising plans, or a broader strategic shift.
Market analysts suggest it may indicate renewed institutional confidence in the company or efforts to align with the CBN’s updated capital requirements.
Despite the buzz, both FirstHoldCo and government officials have stressed the importance of accurate information and have urged the public to avoid spreading unverified claims that could damage shareholder confidence and the integrity of the market.
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Image Credit: The Cable
