Harrison EDEH
Billionaire investor Femi Otedola and RC Investment Management Limited jointly held 49.65 per cent of First HoldCo Plc’s issued shares as of September 30, 2026, giving the two major shareholders a combined stake of more than 22.57 billion shares in the financial services group.
The disclosure is contained in First HoldCo’s third-quarter financial statements released recently showed that Otedola held 26.71 per cent of the company, while RC Investment Management owned 22.94 per cent.
A review of the third-quarter (Q3) results by the Advocate Times shows that their combined holdings stood at 22,578,405,654 ordinary shares, valued at approximately ₦3.61 trillion based on the period-end share price of ₦159.90.
The two shareholders accounted for all the company’s substantial shareholdings, defined in the disclosure as holdings of five per cent or more.
Otedola, who is First HoldCo’s group chairman, held 12.14 billion shares through direct and indirect interests. His direct holding stood at 3.25 billion shares, representing 7.15 per cent of the company, while his indirect interest accounted for 8.89 billion shares, or 19.56 per cent.
RC Investment Management held 10.43 billion shares, representing 22.94 per cent of the issued share capital.
The combined stake gives the two shareholders significant influence in the company, although their respective holdings remain separate.
The ownership disclosure also showed a change in the shareholding structure over the year.
Otedola’s total stake rose from 16.10 per cent as of September 30, 2025, to 26.71 per cent a year later, largely reflecting an increase in his indirect holdings.
His indirect shareholding increased from 3.49 billion shares, or 8.34 per cent, in September 2025 to 8.89 billion shares, or 19.56 per cent, in September 2026. Its direct holding remained unchanged at 3.25 billion shares, although its percentage of the company declined from 7.76 per cent to 7.15 per cent.
RC Investment Management’s share count also remained unchanged at 10.43 billion shares. However, its ownership percentage declined from 24.92 per cent to 22.94 per cent as First HoldCo’s total issued share capital expanded.
The company’s issued shares increased from 41.88 billion in September 2025 to 45.48 billion in September 2026, following a private placement in March 2026.
Through the placement, First HoldCo issued about 1.02 billion shares at ₦44.06 each, raising ₦44.51 billion in fresh equity.
Despite the concentration of substantial holdings, First HoldCo reported a free float of 50.29 per cent, valued at approximately ₦3.66 trillion.
Free float refers to shares available for trading by public investors, excluding holdings that are not generally available for public trading under the applicable listing rules.
The company said its free float remained compliant with the Nigerian Exchange’s Premium Board requirements.
Who is behind RC investment management?
RC Investment Management Limited is identified in the ownership information provided as an independent bridge holder of First HoldCo shares.
It was incorporated on May 8, 2024, and reportedly acquired its 10.43 billion-share position through 17 off-market transactions in July 2025 involving holdings previously associated with Oba Otudeko, through Barbican Capital Limited, and Tunde Hassan-Odukale, through Leadway Assurance and related pension entities.
According to the corporate filings, Samuel Sule, chief executive officer of Renaissance Capital Africa, is listed as a person with significant control and as a director associated with the entity.
RC Investment Management was reportedly established as a special-purpose vehicle, a company created for a specific transaction or purpose, to hold the share position during a corporate transition.
The ultimate investors who provided the funding for the acquisition have not been identified in the information provided.
First HoldCo also clarified to the Nigerian Exchange, according to the supplied account, that neither Otedola nor any government agency has an ownership stake in RC Investment Management.
The arrangement makes RC Investment Management a major shareholder in its own right, separate from Otedola’s disclosed interests.
Its 22.94 per cent holding, alongside Otedola’s 26.71 per cent stake, places the two shareholding blocks at the centre of First HoldCo’s ownership structure as of the end of September 2026.
