… Over 5.2 billion FirstHoldCo shares crossed to subscribers as divestment programme advances
By Rashidat O. Okunlade | Lagos
First HoldCo Plc and RC Investment Management Limited (RCIM) have reported significant progress in the ongoing disposal of the substantial block of FirstHoldCo shares held by RCIM in its capacity as an independent Bridge Holder.
The shareholding originated from a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement under which RCIM acquired approximately 10.43 billion FirstHoldCo shares on the Nigerian Exchange (NGX) in July 2025 for subsequent disposal to investors. The transaction is structured as a secondary-market sale of existing shares through the NGX.
Strong Subscription and Absorption
As of today, about 5.2 billion units have been crossed to subscribers, with further crossings expected as requisite regulatory approvals are secured and the remaining execution processes are completed.
Accordingly, the significant volumes being recorded in FirstHoldCo shares reflect, in substantial part, the ongoing transfer of the RCIM block to investors.
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.
Outperforming the FUGAZ
This confidence is further reflected in shareholder returns. On a total shareholder return basis, FirstHoldCo ranks first among the FUGAZ banking groups, having delivered returns exceeding 200% from the beginning of January 2026 to date.
The transaction also represents an important step towards completing the orderly divestment programme and broadening FirstHoldCo’s investor base.
Why It Matters
The successful execution of this massive share block over 5.2 billion units crossed in a relatively short period is a remarkable feat in the Nigerian capital market. Historically, the sudden introduction of such a large volume of shares (often referred to as “market overhang”) can depress a company’s stock price due to the basic economic principle of supply and demand.
However, the robust demand that has absorbed the RCIM block without destabilizing the share price is a powerful endorsement of FirstHoldCo’s market fundamentals. It signals that institutional and retail investors have deep confidence in the Group’s leadership and profitability.
The timing of this divestment coincides with an extraordinary financial performance. Delivering over 200% total shareholder return ranking highest among the elite FUGAZ (FirstBank, UBA, GTCO, Access Holdings, Zenith Bank) banking groups is a standout achievement in a macroeconomic environment often characterized by volatility.
From a regulatory and governance standpoint, the structured nature of this secondary-market sale demonstrates how large-scale divestments can be managed efficiently without disrupting market integrity. By successfully broadening its investor base, FirstHoldCo is not just completing a regulatory requirement; it is diversifying its shareholder structure and deepening the liquidity of its stock on the NGX.
As the remaining tranches of the 10.43 billion block are crossed, the market will be watching closely to see if the robust investor appetite can be sustained, but the early indicators are exceptionally positive.
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