FG, Otedola deny role in N323.4bn FirstHoldCo shares deal amid speculation online.
Officials clarify the buyer was a CBN-approved firm, not a federal-backed investment vehicle.
The Federal Government of Nigeria and prominent businessman Femi Otedola have both denied involvement in the recent N323.4 billion acquisition of shares in FirstHoldCo Plc, dismissing widespread reports that suggested a federal-backed Special Purpose Vehicle (SPV) was behind the transaction.
The deal, which involved the off-market purchase of approximately 25% of FirstHoldCo’s outstanding shares, triggered a wave of speculation across online platforms. Unverified claims suggested that the transaction was coordinated by a trustee acting on behalf of the government, under the guidance of the Attorney General’s office and the Central Bank of Nigeria (CBN).
However, a statement released by Kamarudeen Ogundele, Special Adviser on Communication to the Attorney General of the Federation, described the claims as “false, misleading, resentful and potentially harmful.”
“The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about FirstHoldCo’s ownership and governance,” Ogundele said, stressing that the Attorney General, Lateef Fagbemi, was neither involved nor aware of any such transaction.
The statement clarified that although the CBN had approved a trustee structure for shareholding oversight, the federal government had no role in the transaction. The trustee, RC Investments Ltd, is a Special Purpose Vehicle linked to Renaissance Capital (RENCAP), which the CBN independently appointed to manage the transaction.
In a separate announcement, FirstHoldCo Plc also distanced its Chairman, Femi Otedola, and the federal government from the share purchase. The company clarified that the shares were sold by Barbican Capital Limited and Leadway Group, both of which are linked to the longstanding shareholder, Oba Otudeko, to RC Investment Management Ltd.
“The Chairman of FirstHoldCo, Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria or any of its agencies acquire the shares in trust,” said Adewale Arogundade, the Company Secretary.
The transaction, executed off-market on the Nigerian Exchange (NGX) on July 16, 2025, involved 10.43 billion shares traded at N31 per share across 17 negotiated deals, totaling N323.4 billion, one of the most significant block trades in NGX history.
Following the announcement, FirstHoldCo’s share price rose to N32.20, marking a 20% week-on-week gain as investors responded positively to the institutional-level transaction. The deal also signifies the formal exit of Oba Otudeko, a prominent figure in the company’s history.
Analysts believe the acquisition could usher in a new phase of strategic restructuring, potentially including board changes and capital-raising initiatives to align with the CBN revised recapitalization framework.
Despite market enthusiasm, both FirstHoldCo and government officials have called for responsible reporting to maintain transparency and protect investor confidence.
