First HoldCo Plc is preparing to offer 10.43 billion shares held by RC Investment Management Limited on the Nigerian Exchange Limited (NGX) through a block divestment. This sale, set to commence on August 3, 2026, at an indicative price of N110 per share, amounts to an estimated gross value of N1.148 trillion (approximately $1 billion). This block represents 22.94% of First HoldCo's 45.48 billion issued shares. This transaction aims to unwind a bridge structure established in July 2025 when RC Investment acquired these shares from Barbican Capital Limited and Leadway Group, a move that the Central Bank of Nigeria had approved to be overseen by Renaissance Capital as a third party.
The indicative price of N110 per share is a 15.09% discount compared to First HoldCo's closing price of N129.55 on July 31, 2026. The stock has seen a significant rally, increasing by 126.49% from N57.20 on July 1 to its July 31 close. This divestment is a secondary ownership transfer, meaning the proceeds will go to the selling shareholder (RC Investment) and not directly to First HoldCo as fresh capital. However, it is expected to materially reshape the company's substantial shareholder register, market liquidity, and influence balance within the group. As of June 30, 2026, First HoldCo reported a free float of 25.73 billion shares, representing 56.59% of its issued shares, and the proposed block is equivalent to 40.54% of that reported free float.
The divestment comes as First HoldCo has experienced significant market activity and growth. The company recently hit an N6 trillion market capitalization, a historic first for Nigerian banks. Billionaire Femi Otedola, chairman of First HoldCo, has aggressively increased his stake, acquiring an additional 1.78 billion shares for N222.21 billion (approximately $193 million) and a previous 706.13 million shares for N77.58 billion (approximately $67 million) in July. These acquisitions increased his beneficial interest to an estimated 25.88% (roughly 11.77 billion shares), solidifying his position as the largest shareholder. The company's profit before tax for the first six months of 2026 rose by 83.5% to N653.54 billion, with full-year profit projected to exceed N1.2 trillion. The company also approved a dividend policy to pay out at least 60% of annual profit to shareholders.
