First Holdco To Sell RC Investment Stake

First HoldCo Plc has introduced plans to divest shares at the moment held by RC Funding Administration Restricted, a particular goal car (SPV) concerned in a latest controversial block deal, as a part of efforts to spice up transparency and preserve investor confidence.

Managing Director of First HoldCo, Wale Oyedeji, made the disclosure throughout an investor name in Lagos, in keeping with a Bloomberg report. He clarified that the shares can be bought within the open market, though a particular timeline was not offered.

“We will likely be disposing these shares and there are a selection of choices obtainable to us. In the end you will note that these shares will likely be disposed available in the market,” Oyedeji stated.

He added that RC Funding was solely holding the shares “quickly.” In July, Barbican Capital Restricted, linked to former First Financial institution Chairman, Oba Otudeko, bought about 25 per cent of First HoldCo’s shares. Otudeko, who additionally chairs the Honeywell Group, and Tunde Hassan-Odukale, Group Managing Director of Leadway Assurance, disposed of a mixed whole of over 10 billion shares in First HoldCo by way of a block transaction.

The stake was transferred to RC Funding Administration, however the lack of readability across the helpful possession of the SPV had raised market issues a couple of potential violation of disclosure laws. Nevertheless, the Securities and Change Fee (SEC) on July 24 confirmed that it had accepted the transaction.

Regardless of the share divestment, Oyedeji assured traders that the corporate’s recapitalisation programme stays firmly on track. “Capital elevating is progressing as deliberate and never impacted by the latest share divestment,” he stated.

First HoldCo is focusing on about N350 billion by way of personal placements within the third quarter of 2025. This follows the profitable completion of a rights situation earlier within the yr, which raised N147 billion.

The capital elevate aligns with the Central Financial institution of Nigeria’s (CBN’s) directive requiring banks with worldwide licences to shore up their capital base to N500 billion as a part of a broader monetary sector reform.