Shares of FBN Holdings Plc (FirstHoldco) have surged by more than 20% over two trading sessions following a landmark off-market transaction valued at N323.33 billion — signaling a major shake-up in the ownership structure of Nigeria’s oldest banking group.
On Wednesday, July 16, a total of 10.43 billion FirstHoldco shares — representing roughly 25% of the group’s outstanding shares — were traded at a negotiated price of N31.00 per share across 17 block trades. The deal, executed through the Nigerian Exchange’s (NGX) negotiated window, immediately sparked investor optimism, pushing the share price from N29.30 on Monday to N35.40 by early Thursday, July 17.
Sources familiar with the transaction confirmed to Nairametrics that the shares were sold by entities linked to two prominent shareholders — Oba Otudeko and Tunde Hassan-Odukale. The buyer, RC Investment Management Limited, is a relatively unknown entity reportedly connected to Samuel Babatunde Sule.
RC Investment acquired approximately 7.79 billion shares from Otudeko’s affiliated companies, Barbican Capital and RAML, and another 2.65 billion shares from firms tied to Hassan-Odukale, including Leadway Holdings, Leadway Pensure, Haskal Holdings, and Leadway/NNPC Staff Pension Investment.
Until the transaction, Otudeko, Hassan-Odukale, and Femi Otedola were widely seen as the key power players at FirstHoldco. Under NGX rules, any holding above 5% is considered a significant stake. This sale is one of the largest single-day block trades recorded on the exchange in 2025.
Though executed off-market, the deal follows all formal regulatory procedures for reporting and ownership transfer. The negotiated trade window allows large-volume deals to be pre-arranged and priced independently of the regular market, but still under the NGX’s oversight.
Analysts say the massive divestment could mark a turning point for FirstHoldco, potentially resolving long-running ownership tussles and ushering in a more stable governance structure. The entry of RC Investment as a major shareholder has raised fresh questions about the firm’s long-term strategy and intentions for the banking group.
“This kind of high-stakes realignment rarely happens without consequence,” noted one analyst. “Investors are betting that this deal will lead to improved board cohesion, strategic clarity, and perhaps, future growth.”
With the dust yet to fully settle, attention now shifts to how the new ownership configuration will shape FirstHoldco’s direction in the coming months — especially as the market anticipates further disclosures from the new stakeholder and possible shifts at the board level.
