First HoldCo Plc and RC Investment Management Limited (RCIM) have reported significant progress in the disposal of a substantial block of First HoldCo shares held by RCIM as an independent Bridge Holder, with approximately 5.2 billion shares crossed to subscribers.
The development marks progress in the divestment programme, which involves the transfer of existing First HoldCo shares to investors through the Nigerian Exchange (NGX).
According to a statement from the companies, RCIM originally acquired approximately 10.43 billion First HoldCo shares on the NGX in July 2025 under a Central Bank of Nigeria (CBN)-approved shareholder divestment arrangement.
The shares were acquired for subsequent disposal to investors as part of the agreed transaction structure.
The companies explained that the transaction is a secondary-market sale, meaning it involves the transfer of existing shares rather than the issuance of new shares by First HoldCo.
As of the date of the announcement, about 5.2 billion shares had been crossed to subscribers, while further transfers are expected following the receipt of the necessary regulatory approvals and completion of outstanding execution processes.
Share Transfer Drives Trading Activity
The ongoing disposal has contributed significantly to the trading volumes recorded in First HoldCo shares, according to the companies.
They noted that a substantial portion of the activity reflects the transfer of the RCIM shareholding to investors participating in the transaction.
The process is intended to facilitate an orderly divestment of the block while allowing the shares to move into the hands of a broader range of investors.
Based on the figures provided, approximately half of the original 10.43 billion-share holding has been crossed to subscribers. However, the final number of shares transferred will depend on the completion of the remaining transactions and applicable regulatory requirements.
The companies did not provide a definitive completion date for the disposal programme in the announcement.
Investor Demand and Confidence
First HoldCo and RCIM attributed the strong subscription and absorption of the sizeable shareholding to investor confidence in the banking group, citing its financial performance, underlying fundamentals and long-term growth prospects.
The transaction provides an opportunity for investors to acquire shares through the secondary market as the existing holding is gradually distributed.
The companies also highlighted First HoldCo’s shareholder returns as an indicator of its performance in the stock market.
According to the statement, First HoldCo ranks first among the FUGAZ banking groups on a total shareholder return basis, having delivered returns exceeding 200 per cent from the beginning of January 2026 to the date of the announcement.
Total shareholder return generally measures the combined benefit investors receive from changes in share price and dividends over a specified period, assuming dividends are included in the calculation.
However, the stated return figure and ranking should be assessed against the relevant market data, comparison period and methodology before being treated as independently verified performance figures.
Past share-price performance also does not guarantee future returns.
Broader Investor Base
The companies said the transaction represents an important step towards completing the orderly divestment programme and broadening First HoldCo’s investor base.
A wider shareholder base can increase the distribution of ownership among investors and potentially improve participation in a company’s shares. The actual effect on liquidity and ownership concentration will depend on the identities of the subscribers and the final distribution of the shares.
The completion of the disposal remains subject to the required regulatory approvals and outstanding execution procedures.
For market participants, the progress of the transaction will be important in understanding the volume of First HoldCo shares changing hands and the extent to which the original RCIM holding is being transferred to investors.
The announcement did not disclose the full list of subscribers, the precise allocation of shares among investors or the expected date for completing the remaining crossings.
