First HoldCo Plc and RC Investment Management Limited (RCIM) have recorded significant progress in the ongoing disposal of approximately 10.43 billion FirstHoldCo shares held by RCIM as an independent Bridge Holder.
The transaction originated from a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement under which RCIM acquired the shares on the Nigerian Exchange (NGX) in July 2025 for subsequent disposal to investors.
In a statement, the companies disclosed that approximately 5.2 billion shares had been crossed to subscribers, with additional transactions expected as regulatory approvals are secured and other execution processes are completed.
The transaction is structured as a secondary-market sale of existing shares through the NGX.
They explained that the significant trading volumes recently recorded in FirstHoldCo shares reflect, to a substantial extent, the ongoing transfer of the RCIM shareholding block to investors.
The companies noted that the strong subscription and successful absorption of such a sizeable shareholding position underscore continued investor confidence in FirstHoldCo, supported by the Group’s financial performance, underlying fundamentals and long-term growth prospects.
They further highlighted the company’s performance in shareholder returns, stating that on a total shareholder return basis, FirstHoldCo ranks first among the FUGAZ banking groups, having delivered returns exceeding 200 per cent between January 2026 and the date of the announcement.
The ongoing transaction is also expected to broaden FirstHoldCo’s investor base while advancing the orderly completion of the shareholder divestment programme.
