FBN Holdings Plc (trading as FirstHoldco) experienced a significant market rally this week, with its stock price surging over 20% in two consecutive sessions amid reports of a large equity transfer involving over 10 billion shares.

After closing at N29.30 on Monday, July 14, shares climbed to N32.20 on Wednesday and opened strong at N35.40 on Thursday, July 17, amid growing speculation over changes in the company’s control.

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A landmark off-market transaction took place on July 16 at the Nigerian Exchange (NGX), where 10.43 billion shares exchanged hands at N31 each, across 17 negotiated deals. The entire block was valued at N323.33 billion and represented approximately 25% of the firm’s total issued shares, which stand at 41.87 billion units.

Before the transaction, the bank’s ownership was significantly influenced by three high-profile investors: Oba Otudeko, Femi Otedola, and Tunde Hassan-Odukale.

The exchange’s regulations define a significant stake as any equity holding of 5% or more in a listed company.

Though off-market trades allow for private negotiation of terms—including price and volume—they are still formally recorded and cleared through the NGX for transparency and compliance.

Reliable sources have disclosed that shares formerly linked to both Otudeko and Hassan-Odukale were sold to a lesser-known entity, RC Investment Management Limited.

RC Investment, reportedly tied to financier Samuel Babatunde Sule, is said to have acquired around 7.78 billion shares from Barbican Capital and RAML, both reportedly affiliated with Otudeko.

The remaining 2.65 billion units were purchased from several entities with connections to Hassan-Odukale, including Leadway Holdings, Leadway Pensure, Haskal Holdings, and the Leadway/NNPC Staff Pension Fund.

The reshuffling of such a significant portion of shares suggests a strategic shift in FirstHoldco’s ownership and has caught the attention of investors betting on what this could mean for the bank’s future direction.