The Nigerian Government has denied its involvement in recent acquisitions of shares in First Holdco PLC, in which saw 10.43 billion shares of the financial services group, valued at N323.3 billion, exchange hands through 17 negotiated off-market deals on Wednesday.
In the same vein, First Holdco’s Company Secretary, Mr. Adewale Arogundade debunked reports by ThisDay, Business Day and Arise TV in respect of the share sales.
In a Friday statement issued by Kamarudeen Ogundele, special assistant to the president on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, the government described the report as “inaccurate, misleading, resentful and malicious.”
“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee,” the statement said.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.
“However, it is aware of a trustee set up by First HoldCo, with the CBN approving Stanbic IBTC to oversee it as a third party,” the document said.
Findings showed that RC Investment Management Limited was actually approved to oversee the trustee.
Arogundade, in his statement said its Chairman, Mr. Femi Otedola did not purchase any of the shares in question, neither did the Federal Government of Nigeria or any of its agencies acquire the shares in Trust,” the group noted in a statement on Friday.
“The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited,” it added.
Checks by Fedredsnews at the Corporate Affairs Commission showed Sule Samuel Babatunde as the person with significant control in RC Investment Management Limited, which was registered on 8 May 2024.
Barbican Capital Limited is controlled by Oba Otudeko, a one-time chair of the board of directors of the holding company, while Tunde Hassan-Odukale, a former chairman of First Bank, is the chief executive officer of Leadway Assurance Company Limited.
Roughly one quarter of First HoldCo’s total issued shares, equivalent to 10.43 billion ordinary shares, were traded off the market on Wednesday in 17 negotiated deals at N31 per unit, a source told PREMIUM TIMES. That put the value of the transactions at N323.3 billion.
According to information obtained by Fedredsnews, Barbican Capital sold 5.88 billion units, Peace Account GASL Nominee (associated with Mr Otudeko), sold 1.52 billion shares, RAML/MEF9 (associated with Mr Otudeko) sold 392.9 million shares, UBAPC/Leadway Pensure PFA Ltd FD1-T (associated with Mr Hassan-Odukale) sold 6 million shares, while ZPC/Leadway/NNPC Staff Pen Inv A/C – TRA (associated with Mr Hassan-Odukale) sold 24 million shares.
Also, Mr Hassan-Odukale sold 30.7 million shares, UBAPC/Leadway Pensure PFA Ltd FundIII-T (associated with Mr Hassan-Odukale) sold 39.9 million, Leadway Holdings Limited (associated with Mr Hassan-Odukale) sold 1.03 billion shares, ZPC/Leadway Assur. Prem. Coll. & Inv. A/C-T (associated with Mr Hassan-Odukale) sold 323.6 million, Leadway Assurance Co. Ltd (associated with Mr Hassan-Odukale) sold 432.3 million, while UBAPC/Leadway Pensure PFA Ltd-T (associated with Mr Hassan-Odukale) sold 392.3 million shares.
