…stock price surges to N35

In a landmark off-market transaction on the Nigerian Exchange (NGX), RC Investments Management Limited, a little-known investment vehicle linked to one Samuel Babatunde Sule, has acquired a combined 10.433 billion shares of First Bank Holdings Plc (First Holdco) from entities associated with Oba Otudeko and Tunde Hassan-Odukale, for a staggering N323.45 billion.

The purchase, representing the largest offmarket deal ever recorded on the NGX, marks a significant turn in the long-running boardroom tussle at Nigeria’s oldest bank and raises the possibility of a mandatory takeover bid, should the buyer’s cumulative stake cross regulatory thresholds.

According to transaction documents obtained by New Telegraph, RC Investments acquired approximately 7.787 billion shares from Barbican Capital and RAML, both linked to Oba Otudeko In a parallel deal, the firm also secured 2.647 billion shares from Leadway Holdings, Leadway Pensure PFA, Haskal Holdings, and the Leadway/NNPC Staff Pension Investment Fund, entities long associated with Tunde Hassan-Odukale, the former chairman of FirstBank.

While Sule has remained a relatively obscure figure in Nigeria’s high finance circles, corporate filings show he maintains business interests in multiple entities, including RC Africa Limited, Avuso Payment, Odde Properties, and Green Arrow Services Limited—raising questions about the scale, financing, and ultimate beneficiaries of the acquisition.

These conflicts have reportedly stymied the institution’s capital raising ambitions and strategic reorientation amid tightening regulatory oversight.

Despite initial media reports linking billionaire investor Femi Otedola to the share purchase, official confirmation remains elusive.

However, market watchers believe that if Otedola is indeed the beneficial owner of the acquired shares, and his cumulative holdings rise to 30 per cent or more, he would be compelled under Nigerian capital market regulations to launch a mandatory takeover bid for the company.

“Once a shareholder crosses the 30 per cent threshold in a publicly listed company, the law mandates a takeover bid to afford other investors the opportunity to exit,” said Tajudeen Olayinka, Principal Partner at Wyoming Capital and Partners.

“The buyer must approach the Securities and Exchange Commission (SEC) and make a formal offer to remaining shareholders.”

This view was corroborated by Garba Kurfi, Managing Director of APT Securities Limited, who noted: “Cardinal Securities facilitated the sale while First Securities bought on the other side.

If this transaction puts the buyer’s stake around 30 per cent, a mandatory takeover process is unavoidable.”