First HoldCo has commenced a public share offering of 10.4 billion existing shares via RC Investment Management at an indicative price of ₦110, resolving a temporary bridge holding arrangement stemming from last year’s high-profile departure of major shareholders.
A massive block of shares that sat as a temporary market overhang for more than a year is finally moving. RC Investment Management began selling 10,433,909,058 First HoldCo shares on the Nigerian Exchange at an indicative price of ₦110 apiece, roughly eight cents. The seller acquired the block thirteen months ago at ₦31.
At the ₦110 offer price, the block is valued at approximately ₦1.148 trillion, or $826 million. Because the shares represent existing stock rather than a fresh issuance, First HoldCo will not receive any proceeds from the secondary ownership transfer.
Origins of the Bridge Holding and the 2025 Ownership Exit
The current offering marks the final chapter of a complex corporate maneuver. On July 16 of last year, Barbican Capital and affiliates—controlled by Oba Otudeko—alongside Leadway Group and affiliates associated with Tunde Hassan-Odukale, sold their entire combined holdings across 17 negotiated off-market trades. Both figures exited the register of Nigeria’s oldest bank in a single day.
To prevent market instability during a leadership and ownership dispute, RC Investment Management Ltd. acquired the shares. The firm acted as a temporary bridge holder while the institution awaited regulatory clearance to float the block to the broader public.
Financial intelligence firm Proshare noted ahead of the launch that the transaction is a secondary ownership transfer rather than a fresh capital raise. While several financial outlets initially described the move as a ₦1.4 trillion fresh capital raise targeting $1 billion, the Ecofin Agency and other market analysts clarified that the shares are existing securities acquired thirteen months ago from departing stakeholders.
Market Reception, Valuation Realities, and Leadership Stakes
Investors welcomed the start of the public sale with immediate enthusiasm. First HoldCo’s stock surged by 3.43 percent to close at ₦134 by the end of trading on Monday. First HoldCo closed at ₦129.55 on July 31, putting the ₦110 offer price at a 15.09 percent discount.
First Bank Chief Executive Officer Olusegun Alebiosu said market demand had already surpassed expectations within hours of opening.
First HoldCo holds a market capitalisation of ₦6.09 trillion, making it Nigeria’s most valuable financial institution. While the block sale does not inject capital into the core bank, the holding company maintains a separate, active recapitalization program aimed at funding expansion into insurance underwriting and financial technology services. That separate program has previously raised ₦150 billion through a rights issue and pursued a ₦350 billion private placement.
Meanwhile, Board Chairman Femi Otedola continues to consolidate his personal position. Through his investment vehicle, Calvados Global Services Limited, Otedola acquired an additional stake of 1.78 billion ordinary shares on July 30 at ₦124.90 per unit, for a total of ₦222.21 billion. That purchase brings his holdings to 11,956,589,264 shares, or 25.87 percent of the company.
Regulatory Thresholds and What Comes Next
The removal of the bridge-held block eliminates a long-standing market overhang, widening the free float and improving overall liquidity for Nigeria’s oldest banking group. With Otedola holding nearly 11.96 billion shares, market watchers are tracking the proximity of his position to mandatory regulatory thresholds.
Given First HoldCo’s total volume of roughly 45.5 billion shares, Otedola has given no indication of plans to trigger a buyout, repeatedly framing his acquisitions as long-term investments rather than a bid for complete operational control.
With executive leadership anticipating that intense investor pressure will clear the 10.4 billion share offering within a single week, market participants await the final distribution of the block and its ultimate impact on the bank’s evolving shareholder register.
Keep reading
- Policia surcoreana registra oficinas de Starbucks por el anuncio del Día del Tanque
- Uber Q3 Bookings Forecast Meets Expectations Amid Currency and Brazil Headwinds
- Ohio Health Department Shares Update on Cyclosporiasis Outbreak (news-usa.today)
- George R.R. Martin Shares Update on Personal Struggles and ‘A Knight of the Seven Kingdoms’ Success (archynewsy.com)
