First HoldCo’s N1.15trn Block Sale Tests Market Depth, Price Discovery

BY OLUSHOLA BELLO AND BUKOLA ARO-LAMBO, Lagos
The sale of 10.434 billion shares in First HoldCo Plc by RC Investment Management Limited could reshape the ownership structure of one of Nigeria’s largest financial groups while providing a major test of market depth, investor appetite and price discovery on the Nigerian Exchange.
The shares were offered at N110 each. The offer opened on August 3, 2026 and closed on August 14, 2026, putting the value of the block at approximately N1.148 trillion. RC Investment Management acquired the stake at N31 per share through 17 negotiated transactions in July 2025, resulting in a total acquisition cost of about N323.45 billion. At the proposed sale...