First HoldCo Plc, the parent company of FirstBank, has dismissed reports claiming its chairman, Femi Otedola, was involved in a recent N323.4 billion share transaction.
The company made this known in a statement signed by its company secretary, Adewale Arogundade, on Friday.
There had been speculation in the media that Otedola purchased a large block of First HoldCo shares in a major off-market deal. Some reports also suggested the Federal Government was involved.
First HoldCo has now clarified that these claims are false.
“We wish to state that the Chairman of FirstHoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria nor any of its Agencies acquire the shares in Trust,” the statement read.
The company stated that the shares were sold by Barbican Capital Limited and its affiliates, as well as Leadway Group and its affiliates. The buyer was RC Investment Management Limited.
The N323.4 billion transaction took place on July 16, 2025. It involved over 10 billion shares traded in 17 separate deals at N31 per share.
The deal caught the market’s attention and sparked rumours about changes in First HoldCo’s ownership.
RC Investment Management Limited and the other parties involved have not made any public comments about the transaction as at press time.
