A breathtaking off-market block sale worth ₦323.4 billion was concluded on 16 July 2025 in 10.43 billion FBN Holdings Plc-parent company of FirstBank units. It was executed in 17 private deals at ₦31 per unit, which created humongous market demand.
Trades were executed on behalf of First Securities Ltd, a FirstHoldCo subsidiary, and a number of high-end brokerages traded the sell side, meaning that if there was selling off, this was not a rash selling off but more a deliberate in-house realignment of mium. The sale can be attributed to the departure of Barbican Capital, off a recent trade, amid rumors of likely high-end shareholder changes
High-End Shareholder Exodus
Barbican Capital, which held a little over 8.65% in FBN Holdings previously, seems to have exited. Its departure from the company means the company could be changing hands at the top
Meanwhile, seasoned investors Oba Otudeko and Oye Hassan-Odukale also seem to have reduced stakes, potentially clearing the way for Femi Otedola, the chairman and largest individual shareholder, to consolidate his hold
What This Means for Investors
This huge off-book transaction did not find expression in listed share price overnight but it did pushed the share to ₦32.2—a virtual 10% up, has new investor optimism and expectation of a strategic shake-up.
These bulk deals will be increasingly a reflection of restructuring from within or ownership consolidation. With Barbican’s withdrawal, the issue now is whether Femi Otedola and other major shareholders are consolidating their holdings.
While lacking the formal announcement to the Nigerian Exchange or immediate comment by FBN Holdings, the motive behind such a deal is anyone’s guess. All wait with bated breath for announcement of if and how this is the start of new strategic investors or refinancing of existing interests.
