First HoldCo Plc, the parent company of Nigeria’s oldest lender, First Bank, has confirmed that RC Investment Management Limited was the buyer in a series of off-market share acquisitions worth ₦323.3 billion executed during the week.
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In a statement sent to NGX Regulation Limited on Friday, First HoldCo clarified that the sellers in the transaction were Barbican Capital Limited and its affiliates, as well as Leadway Group and its affiliates.
Barbican Capital is controlled by Oba Otudeko, a former chairman of First HoldCo, while Leadway Group is headed by Tunde Hassan-Odukale, also a former chairman of First Bank.
According to insider sources, a total of 10.43 billion ordinary shares—representing about one-quarter of First HoldCo’s total issued shares—were exchanged off-market on Wednesday through 17 negotiated deals at ₦31 per unit.
The breakdown of the transaction shows that Barbican Capital sold 5.88 billion shares; Peace Account GASL Nominee (linked to Mr Otudeko) sold 1.52 billion shares; and RAML/MEF9 (also linked to Mr Otudeko) sold 392.9 million shares.
On Mr Hassan-Odukale’s side, UBAPC/Leadway Pensure PFA Ltd FD1-T sold 6 million shares; ZPC/Leadway/NNPC Staff Pen Inv A/C – TRA sold 24 million; Mr Hassan-Odukale personally sold 30.7 million; and UBAPC/Leadway Pensure PFA Ltd FundIII-T offloaded 39.9 million.
In addition, Leadway Holdings Limited sold 1.03 billion shares; ZPC/Leadway Assurance Premium Collection & Investment Account sold 323.6 million; Leadway Assurance Company Limited sold 432.3 million; and UBAPC/Leadway Pensure PFA Ltd-T sold 392.3 million shares.
A market source told newsmen that the disclosure of the transactions significantly boosted investor interest. “Immediately the information entered the market, it pushed the share price sharply upwards to ₦32.2. The deals happened towards the close of the market,” the source said.
Meanwhile, First HoldCo has debunked reports by ThisDay, BusinessDay, and Arise TV linking the share acquisitions to its chairman, Femi Otedola, or the Federal Government.
“The company’s chairman, Femi Otedola, was not involved in the purchase of the shares, nor did the Federal Government of Nigeria or any of its agencies participate in the transaction,” the statement clarified.
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