First HoldCo Plc and RC Investment Management Limited (RCIM) have made significant progress in the ongoing disposal of the substantial block of FirstHoldCo shares held by RCIM in its capacity as independent Bridge Holder.
The shareholding originated from a CBN-approved shareholder divestment arrangement under which RCIM acquired approximately 10.43 billion FirstHoldCo shares on the NGX in July 2025 for subsequent disposal to investors. The transaction is structured as a secondary-market sale of existing shares through the NGX.
As of today, about 5.2 billion units have been crossed to subscribers, with further crossings expected as requisite regulatory approvals are secured and the remaining execution processes are completed. Accordingly, the significant volumes being recorded in FirstHoldCo shares reflect, in substantial part, the ongoing transfer of the RCIM block to investors.
Strong subscription and successful absorption of such a sizeable block underscore continued investor confidence in FirstHoldCo, supported by the Group’s financial performance, underlying fundamentals and long-term growth prospects.
First HoldCo Plc, the parent of First Bank of Nigeria, posted a 61% jump in nine-month pretax profit. Surging fee, trading and recovery income, along with lower loan-loss charges and tighter costs, made up for a drop in net interest income.
Profit before tax rose to N911.24 billion in the nine months to September, from N566.54 billion a year earlier, according to unaudited results filed with the Nigerian Exchange. Profit after tax climbed 65% to N744.45 billion. Earnings per share rose to N16.45 from N10.65.
This confidence is further reflected in shareholder returns on a total shareholder return basis, First HoldCo ranks first among the FUGAZ banking groups, having delivered returns exceeding 200% from the beginning of January 2026 to date.
The transaction also represents an important step towards completing the orderly divestment programme and broadening FirstHoldCo’s investor base.
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