First HoldCo Plc has firmly denied widespread speculation that the federal government or its Chairman, Mr. Femi Otedola, was involved in the recent acquisition of shares previously held by parties affiliated with businessman Oba Otudeko.
In an official notice released to the Nigerian Exchange Limited (NGX), the financial holding company clarified that neither Otedola nor any government institution acquired the disputed shares, contrary to claims circulating in mainstream and digital media platforms.
“The Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question,” the company stated. “Additionally, the Federal Government of Nigeria and its agencies were not involved in the transaction, either directly or in trust.”
The company disclosed that the actual sellers of the shares were Barbican Capital Limited and its affiliates, as well as the Leadway Group and its affiliates. The buyer, according to the statement, was RC Investment Management Limited—a separate and independent investment firm.
The clarification follows a wave of public interest and media reports triggered by the recent change in ownership structure within First HoldCo. The speculation had fueled concerns about potential behind-the-scenes influence in the company’s affairs, particularly regarding the future direction of the financial services group.
First HoldCo, a systemically important non-operating financial holding company, emphasized its commitment to transparency and regulatory compliance, assuring investors and the general public of its dedication to open and timely communication.
“We remain guided by best practices in corporate governance and continue to prioritize accountability to our shareholders and stakeholders,” the company said.
The company also urged the public and media to rely on verified corporate disclosures rather than conjecture, noting that misinformation could undermine investor confidence and disrupt market stability.
THE WHISTLER had reported that a key shareholder in Nigeria’s oldest banking group, First Bank Holding Company Plc (First Holdco), Oba Otudeko, has exited the group following a N323.33bn block deal on the Nigerian Exchange Limited.
The transaction saw 10.43 billion ordinary shares of First Holdco traded in 17 off-market, negotiated deals at an average price of N31 per share. The block deal represents a 25 per cent majority stake in the financial holding company, which has 41.87bn outstanding shares.
The negotiated window on the NGX allows parties to pre-arrange the price and terms of large-volume transactions before formal execution on the exchange.
