*First HoldCo Plc and RC Investment Management Limited announce the two organisations have made significant progress in the ongoing disposal of substantial block of FirstHoldCo shares the latter holds as independent Bridge Holder in the financial services group
Isola Moses | ConsumerConnect
FirstHoldCo Plc and RC Investment Management Limited (RCIM) have made significant progress in the ongoing disposal of the substantial block of FirstHoldCo shares held by RCIM in its capacity as independent Bridge Holder.
FirstHoldCo stated the shareholding originated from a CBN-approved shareholder divestment arrangement under which RCIM acquired approximately 10.43 billion FirstHoldCo shares on the Nigerian Exchange (NGX) July 2025, for subsequent disposal to investors.
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The transaction is structured as a secondary-market sale of existing shares through the NGX.
The banking group said about 5.2 billion units had been crossed to subscribers, with further crossings expected as requisite regulatory approvals are secured and the remaining execution processes are completed as of Thursday, October 30, 2026.
Accordingly, the significant volumes being recorded in FirstHoldCo shares reflect, in substantial part, the ongoing transfer of the RCIM block to investors.
The statement also noted that strong subscription and successful absorption of such a sizeable block underscore continued investor confidence in FirstHoldCo, supported by the Group’s financial performance, underlying fundamentals and long-term growth prospects.
This confidence is further reflected in shareholder returns on a total shareholder return basis, First HoldCo ranks first among the FUGAZ banking groups, having delivered returns exceeding 200% from the beginning of January 2026 to date, the group noted.
FirstHoldCo Plc further said the transaction represented an important step towards completing the orderly divestment programme and broadening its investor base.