Shares of FBN Holdings Plc (trading as FirstHoldco) have surged by over 20 per cent within two trading sessions, following a blockbuster off-market transaction involving more than 10.4 billion shares—an event that has ignited market speculation about a possible significant shift in the company’s ownership structure.
On Monday, July 14, 2025, FirstHoldco’s stock closed at N29.30. By Wednesday, it had jumped to N32.20 and extended its rally to N35.40 in early trading on Thursday, July 17.
This marked one of the most aggressive price movements for the stock in recent months and underscored rising investor interest in the group.
The rally was triggered by a negotiated block trade executed on Wednesday, July 16, in which 10,433,909,058 shares changed hands off-market at N31.00 per share across seventeen transactions.
Valued at N323.33 billion, the transaction accounts for approximately 25 per cent of the group’s total outstanding shares of 41.87 billion units, making it one of the largest single-day equity transfers on the Nigerian Exchange (NGX) in 2025.
According to NGX regulations, off-market trades are pre-arranged transactions between large shareholders, conducted outside the central order book but registered through the exchange for transparency and ownership transfer.
Sources familiar with the matter said that the shares were acquired by RC Investment Management Limited, a relatively obscure firm linked to Samuel Babatunde Sule.
RC Investment reportedly acquired 7.78 billion shares from Barbican Capital and RAML, both linked to billionaire businessman Oba Otudeko, and another 2.65 billion shares from entities connected to Tunde Hassan-Odukale, the former Chairman of First Bank of Nigeria.