By Peace Udugba
First HoldCo Plc and RC Investment Management Limited (RCIM) have recorded significant progress in the ongoing disposal of approximately 10.43 billion FirstHoldCo shares, with investor demand remaining strong.
The shares were acquired by RCIM in July 2025 through the Nigerian Exchange (NGX) under a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement. RCIM acquired the shares in its capacity as an independent Bridge Holder, with the mandate to subsequently dispose of them to investors.
The transaction is structured as a secondary-market sale of existing shares through the NGX and does not involve the issuance of new shares.
As of October 30, 2026, approximately 5.2 billion shares had been crossed to subscribers, with additional crossings expected following the necessary regulatory approvals and completion of outstanding transaction processes.
The companies explained that a substantial portion of the significant trading volumes recently recorded in FirstHoldCo shares reflects the ongoing transfer of RCIM’s shareholding to investors.
The strong subscription and successful absorption of a sizeable portion of the shares underscore continued investor confidence in FirstHoldCo, supported by the Group’s financial performance, underlying fundamentals and long-term growth prospects.
The companies further highlighted the Group’s performance in terms of shareholder returns, noting that FirstHoldCo ranked first among the FUGAZ banking groups on a total shareholder return basis, having delivered returns of more than 200 per cent between January 2026 and October 2026.
The ongoing transaction is expected to mark another important milestone in completing the orderly divestment programme while broadening FirstHoldCo’s investor base.
