Eppe Franjklyne –
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RC Investment Management Limited is officially identified as the trustee in the First Holdco Plc shares transaction, endorsed by the Central Bank of Nigeria (CBN).
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The federal government denies any involvement in the recent acquisition of 25% shares in First Holdco Plc.
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Billionaire investor Femi Otedola has also distanced himself from the transaction.
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The Office of the Attorney General of the Federation (AGF) clarified that neither the federal government nor the AGF participated in acquiring the shares.
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The trustee arrangement was independently set up by First Holdco and is overseen by Stanbic IBTC as a third party, not representing the government.
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First Holdco confirmed that the chairman, Otedola, was not involved in the purchase, and the transaction was between private shareholders and RC Investment Management Ltd.
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Sellers of the shares were Barbican Capital Limited & affiliates and Leadway Group & affiliates.
RC Investment Management Limited has been officially confirmed as the trustee managing the shares deal involving First Holdco Plc, a trustee arrangement approved by the Central Bank of Nigeria. Meanwhile, the federal government has firmly denied any participation in the acquisition of a 25 percent stake in First Holdco Plc, a position supported by billionaire investor Femi Otedola, who also denied involvement.
The Office of the Attorney General of the Federation (AGF), through a statement issued by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, emphasized that neither the federal government nor the AGF ministry took part in the transaction. The AGF further explained that the trustee was independently established by First Holdco, with oversight by Stanbic IBTC acting as an independent third party, rather than the government.
First Holdco’s company secretary, Adewale Arogundade, also confirmed in filings to the Nigerian Exchange that neither Otedola nor any government agency acquired shares in trust. The transaction was a negotiated deal solely between private shareholders and RC Investment Management Ltd as the purchaser. The sellers were identified as Barbican Capital Limited and its affiliates, alongside Leadway Group and its affiliates.
This clarification comes amid reports that mistakenly linked the government and Otedola to the share acquisition, which both parties have officially refuted.
