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Financial Earthquake! First HoldCo Clears Air on Alleged Otedola, FG Stake in Mega Sale
First HoldCo Plc has firmly denied reports linking its chairman, Femi Otedola, to the recent N323.4 billion block sale of its shares, clarifying the identities of the actual parties involved in the transaction.....KINDLY READ THE FULL STORY HERE▶
In a statement issued on Friday and signed by the Company Secretary, Adewale Arogundade, the firm addressed widespread speculation in both print and online media regarding the ownership of the shares exchanged in the recent off‑market deal.
“We wish to state that the Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question. Likewise, neither the Federal Government of Nigeria nor any of its agencies acquired the shares in trust,” the statement read in part.
The company stressed that Otedola had no involvement in the purchase and dismissed claims suggesting that the Federal Government or any of its agencies had taken the shares on its behalf.
According to the clarification, the sellers were Barbican Capital Limited and its affiliates, as well as Leadway Group and its affiliates, while the buyer was RC Investment Management Limited.
The statement followed intense market speculation over a perceived shift in First HoldCo’s shareholding structure after a massive off‑market transaction on the Nigerian Exchange Limited in mid‑July.
The N323.4 billion deal, executed on July 16, 2025, saw more than 10 billion shares change hands through 17 negotiated trades at ₦31 per share, sparking curiosity about the buyer’s identity and initial reports suggesting a connection to the company’s chairman.
As of the time of this report, neither RC Investment Management Limited nor other parties involved in the deal had issued any public statements on the transaction
Atiku Abubakar, former Vice President, has said he is willing to step down if Peter Obi secures the African Democratic Congress (ADC) presidential ticket ahead of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶
He made the remark during an interview on Arise News on Wednesday, where he was asked whether he would withdraw in Obi’s favour if the former Labour Party candidate wins the party’s primary.
Atiku confirmed he would respect the outcome, saying he is prepared to step aside for any winner, including Obi.
“Of course, if he is a contender, why not?” he added when pressed further.
He also noted that other aspirants such as Rabiu Kwankwaso and Rotimi Amaechi are also in the race for the ADC ticket.
The former presidential candidate explained that his stance reflects democratic principles, stressing that candidates can emerge either through consensus or election.
Atiku further expressed confidence that the North remains a strong political base for him ahead of 2027, saying the region continues to show unity and support in past elections.
A former Secretary to the Government of the Federation and chieftain of the African Democratic Congress (ADC), Babachir Lawal, has insisted that the party will participate in the 2027 general elections regardless of the position of the Independent National Electoral Commission (INEC).....KINDLY READ THE FULL STORY HERE▶
The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) has defended the presence of its officials at the African Democratic Congress (ADC) national convention, describing it as part of normal diplomatic engagement.....KINDLY READ THE FULL STORY HERE▶
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