In a major twist to Nigeria’s capital market, a special purpose vehicle (SPV), not the Federal Government or billionaire investor Femi Otedola, has acquired over 10.4 billion units of shares in FBN Holdings Plc (FirstHoldCo).

The shares—valued at approximately ₦323.3 billion and traded off-market on July 16, 2025—were previously held by two prominent shareholders: Oba Otudeko, through Barbican Capital and related firms, and Tunde Hassan-Odukale, via Leadway Holdings and pension fund affiliates.

Sources confirmed that the buyer is RC Investments Management Ltd, an SPV controlled by financial services executive Samuel Sule, who previously served as CEO of Renaissance Capital Nigeria. The acquisition was executed through 17 negotiated block deals at ₦31 per share, covering over 25% of FirstHoldCo’s total shareholding.

This strategic move dispels speculation that either the Federal Government or Femi Otedola was behind the massive transaction. While the Nigerian Exchange (NGX) is yet to release an official update on the ownership structure, market analysts suggest the deal aligns with the Central Bank of Nigeria’s (CBN) compliance rules regarding Single Obligor Limits for financial institutions.

Otudeko and Odukale, both of whom had longstanding influence on the board of FirstHoldCo, have now fully exited their positions.

The transaction is considered one of the largest equity transfers in recent Nigerian financial history and is expected to reshape the power dynamics within one of the country’s oldest financial groups.

More details to follow as the NGX and regulators respond.