…Dismisses speculation on further enquiries
Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC), has confirmed that the N323 billion buyout involving two major shareholders of First Holdco and RC Investment Management met all regulatory requirements and was duly approved.
The Commission issued the clarification following reports suggesting that the deal might be subject to further investigation. In a statement signed by its Head of External Relations, Mrs Efe Ebelo, the SEC affirmed that it had granted a “no objection” to the transaction after rigorous review and adherence to all applicable rules.
“There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) after the deal was concluded.
“The correspondence with the operators involved was not a query but part of an automated compliance process to promote transparency and ensure the orderly completion of large transactions in the market,” the statement read.
The N323 billion share acquisition involved longstanding shareholders Oba Otudeko, former chairman of First Holdco, and director Tunde Hassan-Odukale. Both sold their stakes to RC Investment Management, a subsidiary of Renaissance Capital.
Regulatory filings with the Nigerian Exchange (NGX) revealed that RC Investment acquired about 7.787 billion shares worth N241.4 billion from Otudeko’s Barbican Capital and affiliates, and 2.647 billion shares worth N82 billion from Hassan-Odukale’s Leadway Group, representing a combined 25 per cent stake.
The transaction, crossed on July 16, 2025, involved 10.43 billion ordinary shares swapped in 17 negotiated off-market deals at N31 per share. It was confirmed by the board of First Holdco in a statement signed by Company Secretary Adewale Arogundade, which also clarified that neither the group chairman, Femi Otedola, nor any government entity had a role in the transaction.
Further records indicate that RC Investment Management, incorporated in May 2024, is wholly owned by Sule Samuel Babatunde, Chief Executive Officer of Renaissance Capital.
The Office of the Attorney General of the Federation (AGF) also denied any federal involvement. In a statement signed by Kamarudeen Ogundele, Special Adviser on Communication and Publicity to the AGF, the government dismissed media reports suggesting that 25 per cent of First Holdco shares had been transferred to federal trustees.
“The report is inaccurate, misleading and malicious. Neither the Federal Government of Nigeria nor the Attorney General of the Federation took part in the share acquisition. We refute this falsehood to prevent confusion about First Holdco’s ownership structure,” Ogundele stated.
He called on media organisations to act with professionalism and diligence, underscoring the government’s continued commitment to the rule of law, justice, transparency and accountability.