First HoldCo Plc has officially denied reports linking its chairman, Femi Otedola, to the recent N323.4bn block sale of its shares, clarifying the actual parties involved in the transaction.

In a statement signed by the First HoldCo’s Company Secretary, Adewale Arogundade, on Friday, the company addressed rumours circulating in the print and digital media about the ownership of shares exchanged in the recent off-market deal.

“We wish to state that the Chairman of FirstHoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria nor any of its Agencies, acquire the shares in Trust,” the statement partly reads.

The company stated that Otedola did not purchase any of the shares involved in the transaction.

It also dispelled suggestions that the Federal Government of Nigeria or any of its agencies acquired the shares in trust.

The statement said, “The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.”

This clarification follows market speculation and widespread rumours about a possible shift in the shareholding structure of First HoldCo Plc after a large block transaction was executed on the Nigerian Exchange Limited in mid-July.

The N323.4 billion transaction involved over 10 billion shares traded in 17 negotiated deals at N31 per share on July 16, 2025.

The trade attracted market attention and led to speculation about who the buyer might be, with initial reports linking the acquisition to the company’s chairman.

As of press time, neither RC Investment Management Limited nor other parties involved in the transaction had issued a public comment on the matter.