Investors have acquired about 5.2 billion First HoldCo Plc shares from the 10.43 billion-share block held by RC Investment Management Limited (RCIM), as the bank’s ongoing divestment programme records strong demand.
The shares were acquired by RCIM in July 2025 through a CBN-approved shareholder divestment arrangement, with the investment manager acting as an independent Bridge Holder responsible for subsequently transferring the block to investors.
First HoldCo and RCIM said the disposal was being executed as a secondary-market transaction through the Nigerian Exchange Limited (NGX), with further share transfers expected as regulatory approvals and other processes are completed.
The companies said the substantial trading volumes recorded in First HoldCo shares reflected, to a significant extent, the ongoing transfer of the RCIM shareholding to investors.
They attributed the level of subscription to investor confidence in the group’s financial performance, fundamentals and long-term growth prospects.
According to the statement, First HoldCo ranked first among the FUGAZ banking groups in total shareholder returns, having delivered returns of more than 200 per cent from January 2026 to date.
The ongoing disposal is expected to broaden the company’s investor base and bring the orderly divestment programme closer to completion.