₦airaland Forum

by Busola Aro


First HoldCo Plc says Femi Otedola, its chairman, and the federal government were not involved in the recent N323 billion block share acquisition deal.

First HoldCo, in a statement issued on Friday by Adewale Arogundade, the company secretary, said RC Investment Management Limited was the buyer of the shares.

On Thursday, TheCable reported that Oba Otudeko, chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold a combined total of over 10 billion shares in First HoldCo’s block deal.

Some media platforms later linked the acquisition to Otedola and the federal government as the buyers.

However, addressing the matter in the statement, the holding company denied the claims.

“We wish to state that the Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria or any of its agencies acquire the shares in trust,” the statement reads.

The company said the sellers were Barbican Capital Limited and affiliates, and Leadway Group and affiliates.

First HoldCo stated that RC Investment Management Limited was the sole buyer of the shares.


AGF DEBUNKS GOVERNMENT INVOLVEMENT

In a separate statement, the office of the attorney general of the federation and minister of justice described reports of shares being transferred to a government trust vehicle as “inaccurate, misleading and malicious”.

The statement, signed by Kamarudeen Ogundele, special assistant to the president on communication and publicity (0ffice of the AGF), stressed that neither the attorney general nor the Tinubu administration had any hand in the acquisition.

“We are compelled to respond to a publication… suggesting that 25% of First Bank Holdings shares were transferred to the Federal Government’s trustee,” the statement reads.

“The report is inaccurate, misleading, resentful and malicious.

“The circumstances surrounding the shareholding structure are distinct from any government involvement.

“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.”

The AGF assured the public of his commitment to the promotion of the rule of law, justice, equity, accountability, transparency, and service to the nation.

First HoldCo, on Friday, officially released the statement of transaction to investors on the Nigerian Exchange Limited (NGX).

fuckingAyaya:
Whatever this government debunked just know there're some element of truth innit.

fuckingAyaya:
Whatever this government debunked just know there're some element of truth innit.

fuckingAyaya:
Whatever this government debunked just know there're some element of truth innit.

motymop:
the buyer is RC Investment Management Limited controlled by sule samuel babatunde, the rumour is that it is owned by Oba Otudeko

The seller (Barbican Capital Limited) is also the investment arm of Honeywell Group owned by Oba Otudeko

Ferdinandu:
Who owns RC investments Thieves. Mention the major shareholders of the buyer company abi spirit dey open company

motymop:
the buyer is RC Investment Management Limited controlled by sule samuel babatunde, the rumour is that it is owned by Oba Otudeko

The seller (Barbican Capital Limited) is also the investment arm of Honeywell Group owned by Oba Otudeko

Otudeko’s move to regain influence in First Bank through another entity (RC Investments) without using the same name or company directly tied to him (Barbican).

By selling from one arm (Barbican) and buying through another (RC Investments), it could be a restructuring or repositioning to stay in the game or bypass regulatory limitations.

tutudesz:
So who is the owner of RC Investment Management Limited you say he didn't buy the shares and failed to state those behind the investment company

Registered office address
Flat 3 Vivienne House, 42 Balham Hill, London, United Kingdom, SW12 9EL
Company status
Active
Company type

Private limited Company
Incorporated on
14 April 2023

fuckingAyaya:
Whatever this government debunked just know there're some element of truth innit.