First HoldCo Plc and RC Investment Management Limited (RCIM) have made significant progress in the ongoing disposal of a substantial block of FirstHoldCo shares held by RCIM. The shareholding originated from a CBN-approved shareholder divestment arrangement under which RCIM acquired approximately 10.43 billion FirstHoldCo shares on the NGX in July 2025. This transaction is structured as a secondary-market sale of existing shares through the NGX.
As of the latest update, about 5.2 billion units of the shares have been crossed to subscribers. Further crossings are expected as requisite regulatory approvals are secured and the remaining execution processes are completed. The significant volumes being recorded in FirstHoldCo shares reflect, in substantial part, the ongoing transfer of the RCIM block to investors.
The substantial investor demand for FirstHoldCo shares underscores continued investor confidence in the company. This confidence is supported by the Group’s financial performance, underlying fundamentals, and long-term growth prospects. The company has delivered impressive shareholder returns, ranking first among the FUGAZ banking groups with returns exceeding 200% from the beginning of January 2026 to date.
The transaction represents an important step towards completing the orderly divestment programme and broadening FirstHoldCo’s investor base. This move is expected to enhance the company's market presence and provide a more diversified shareholder structure. The progress made so far indicates a successful execution of the plan.
The sale of the shares is being facilitated through the Nigerian Exchange (NGX). The transaction is a secondary-market sale, which means that existing shares are being sold by RCIM to new investors. This type of transaction allows for the transfer of ownership without directly involving the company.
The Central Bank of Nigeria (CBN) had approved the shareholder divestment arrangement that led to RCIM acquiring the shares. This approval was crucial for the transaction to proceed. The CBN's role in ensuring the stability and transparency of the financial market is underscored by its involvement in such significant transactions.
The successful disposal of the RCIM block of shares will further solidify investor confidence in FirstHoldCo. The company’s strong financial performance and growth prospects have been key factors in attracting investors. With the completion of this transaction, FirstHoldCo is expected to maintain its positive trajectory in the market.
Key points
- Investor demand for FirstHoldCo shares remains robust.
- The transaction is structured as a secondary-market sale of existing shares through the NGX.
- FirstHoldCo has delivered returns exceeding 200% from the beginning of January 2026 to date.
