A report on Friday disclosed that Barbican Capital Limited purchased N195.74billion worth of First Holdco shares on the Nigerian Exchange Limited (NGX).
Barbican Capital Limited is owned by Oba Otudeko.
A notification signed by Company Secretary, Adewale Arogundade posted on the NGX on July 18 disclosed an “initial” 6,314,116,229 units at N31.00 per share.
However, a reports online indicated that the recent off-market trade involving 10.43 billion shares of FirstHoldCo, valued at N323.4 billion, was executed by RC Investments Ltd, a Special Purpose Vehicle (SPV) linked to Renaissance Capital.
The share sale, which took place on July 16, 2025, confirms the exit of Oba Otudeko’s Barbican Capital from the financial holding company.
The transaction, priced at N31 per share across 17 negotiated deals, represents approximately 25per cent of FirstHoldCo’s outstanding shares. It has since triggered a rally in the stock, which closed at N32.20 per share following the announcement.
The deal also sparked widespread speculation about the identity of the buyer and the future direction of the company’s ownership.
While some media reports claimed that the shares were acquired directly by Femi Otedola, others alleged that they were purchased by the Federal Government through a trustee arrangement set up by the Office of the Attorney General in collaboration with the Central Bank of Nigeria (CBN).
According to those reports, the government was said to be temporarily holding the shares pending a strategic decision related to FirstHoldCo’s capital raise.
However, Naijaonpoint sources with knowledge of the transaction have dismissed these claims, confirming instead that RC Investments Ltd, the SPV linked to Renaissance Capital, was the actual acquirer.
A formal announcement is expected soon, which may provide further clarity on the evolving ownership structure and the company’s strategic direction following the acquisition.
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