FBN Holdings Plc, the parent company of FirstBank Nigeria, recorded a massive off-market transaction on July 16, 2025, involving the sale of 10.43 billion units of its shares. The bulk trade, valued at N323.4 billion, has stirred fresh speculation about possible changes in the ownership structure of the financial holding group.
Details from the Nigerian Exchange Limited (NGX) showed that the transaction was executed through negotiated cross deals at a price of N31.00 per share across 17 separate transactions. This was below FirstHoldCo’s closing market price of N32.2 per share on the same day. The scale of the transaction and the coordinated nature of the execution have attracted significant attention from market watchers and investors.
The bulk purchase was brokered by First Securities Ltd, a SEC-registered brokerage firm that operates within the FirstHoldCo group. First Securities is based in Ikoyi, Lagos, and offers a wide range of capital market services, including equity brokerage, fixed income trading, public offerings, corporate advisory, and share registration. Its involvement in the transaction both as a buyer and seller suggests that the deal could be linked to an internal restructuring or a strategic consolidation of ownership within the group.
On the selling side of the trade were several high-profile brokerage firms, including CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, United Capital Securities, Stanbic IBTC Stockbrokers, and First Securities Ltd itself. This further indicates that the deal was a well-coordinated, pre-arranged transaction rather than an impromptu sell-off in the open market.
Citing sources familiar with the transaction, reported that the sale is linked to Barbican Capital’s exit from FBN Holdings’ shareholding structure. According to these sources, the trade was part of an off-market arrangement between willing buyers and sellers, concluded following negotiations in recent weeks. However, as of the time of reporting, neither FBN Holdings Plc nor the NGX had issued any official statement confirming any change in substantial shareholding or insider trading. This absence of formal disclosure has fueled more speculation about the real intention behind the transaction and the potential shift in control within the holding company.
The ownership of FBN Holdings has been under close scrutiny in recent years, especially after a series of stake acquisitions by prominent Nigerian investors. Before the latest transaction, FBN Holdings’ 2024 audited financial statements indicated a total of 35.89 billion outstanding shares. The company’s Register of Members as of December 31, 2024, listed key shareholders including billionaire businessman Femi Otedola, who directly owns 1.69 billion shares, representing 4.71% of the company. Through his vehicle, Calvados Global Services, Otedola indirectly holds another 2.54 billion shares, amounting to 7.09%.
Another major shareholder, Barbican Capital Limited, held 3.10 billion shares, accounting for 8.65% of the total shares. Combined, these major holdings represented over 20% of the company’s total shares outstanding. If Barbican Capital’s exit is confirmed, it would represent a significant realignment in the power structure within FBN Holdings and could have implications for future boardroom dynamics.
The involvement of First Securities Ltd as both buyer and seller has also raised questions about the purpose of the transaction. Some analysts suggest that it could indicate an internal balancing of the group’s shareholding, possibly onboarding new strategic investors through nominee accounts or preparing for an ownership consolidation led by existing shareholders.
Despite the transaction occurring off-market, meaning it did not directly impact the daily market price of the stock, the scale of the trade has heightened interest in the company. Analysts note that such large-scale block trades often precede strategic repositioning, changes in corporate governance, or efforts to stabilize or consolidate control within the group.
There is also growing speculation over whether Femi Otedola is behind the consolidation effort or if new investors are quietly building a controlling stake in FBN Holdings. Without an official regulatory filing or statement from the company, market participants and investors remain uncertain about the implications of the transaction.
FBN Holdings has had a history of public interest in its shareholding battles, particularly in recent years when news of strategic stake acquisitions by Nigerian billionaires dominated headlines. The company, which operates Nigeria’s oldest bank, FirstBank, remains a critical player in the country’s financial services sector, and any significant change in its ownership structure is likely to attract regulatory and public interest.
Investors have been advised to await official communication from FBN Holdings or the NGX in line with the NGX Rulebook requirements on disclosure of substantial shareholdings and insider transactions. Such clarity is crucial to understand the potential impact of this landmark transaction on the future of FBN Holdings and its governance structure.
