RC Investment Identified As First Holdco/CBN Trustee For Shares Deal

RC Investment Management has been officially identified as the trustee for the shares deal involving First Holdco Plc, in a trustee arrangement endorsed by the Central Bank of Nigeria (CBN).

This is as the federal government has denied any involvement in the recent acquisition of 25 percent of First Holdco Plc shares by RC Investment Management Limited. Billionaire investor Femi Otedola has also distanced himself from the transaction.

The Office of the Attorney General of the Federation (AGF), in a statement issued on Friday, dismissed reports suggesting that First Holdco’s shares were acquired on behalf of the federal government.

First Holdco also stated on Friday, denying that its chairman was involved in the transaction.

A statement signed by the special assistant to the President on Communication and Publicity, Office of the AGF,  Kamarudeen Ogundele, read,

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“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.”

Then it clarified that the Office of the AGF “is aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.”

In a parallel statement, First Holdco clarified that its chairman, Femi Otedola, was not involved in the transaction, distancing him from reports that implied he was behind the purchase.

First Holdco’s company secretary, Adewale Arogundade, confirmed in filings to the Nigerian Exchange that neither Otedola nor government agencies acquired shares in trust, affirming that the transaction was a negotiated deal between private shareholders and RC Investment Management Ltd as the buyer

“The chairman of First HoldCo, 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 company said.

It further disclosed that the sellers of the shares were “Barbican Capital Limited & affiliates and Leadway Group & affiliates,” and that the buyer was RC Investment Management Limited.