First HoldCo Plc is planning to divest shares currently held by a special purpose vehicle (SPV), as part of its broader capital restructuring and compliance strategy.

The disclosure was made by Managing Director, Wale Oyedeji, during an investor conference call held in Lagos, according to Bloomberg.

“We will be disposing those shares, and there are a range of options available to us,” Oyedeji said. “Ultimately, you will see that those shares will be disposed in the market.”

While no specific timeline was provided, the move is seen as a continuation of First HoldCo’s efforts to streamline its ownership structure and meet the Central Bank of Nigeria’s (CBN) revised capital requirements.

Last month, Barbican Capital Ltd. sold approximately 25% of First HoldCo’s shares through a structured transaction involving the transfer of the stake to RC Investment Management Ltd., an SPV linked to Renaissance Capital. The identity of the ultimate beneficial owner was not disclosed at the time.

Oyedeji clarified that RC Investment Management is holding the shares “temporarily,” and emphasized that the company’s capital-raising efforts remain on track.

“Capital raising is progressing as planned and not impacted by the recent share divestment,” he assured investors.

First HoldCo is currently pursuing a N350 billion ($228 million) capital raise through private placements scheduled for this quarter.

This follows a successful N147 billion rights issue, part of its strategy to meet the CBN’s minimum capital thresholds for financial institutions.

The capital raise is expected to bolster the group’s balance sheet, support expansion plans, and enhance regulatory compliance.

Last month, Oba Otudeko, a longtime stakeholder and influential figure in First HoldCo’s history, officially exited the company, selling off his shares.

His departure was marked by a block trade executed off-market on the Nigerian Exchange (NGX) on July 16, 2025, involving 10.43 billion shares sold at N31 per share across 17 negotiated deals, totaling N323.4 billion.

The transaction, which represents roughly 25% of First HoldCo’s outstanding shares, is considered one of the largest off-market trades in NGX history.

The shares were acquired by RC Investments Ltd, fueling speculation about potential boardroom changes, strategic realignments, and new capital initiatives.

Industry analysts are closely watching the developments for signs of a shift in First HoldCo’s operational strategy or governance structure.

First HoldCo’s total assets significantly grew to N27.2 trillion in H1 2025 alone, up from N26.5 trillion recorded in the 2024 financial year.