FBN Holdings Plc (FirstHoldCo), the parent company of First Bank of Nigeria, executed a landmark off-market block trade on Tuesday, July 16, 2025, valued at an astounding ₦323.4 billion, sparking speculation over a significant realignment in the company’s ownership structure.
The transaction involved 10.43 billion shares exchanged via 17 negotiated deals on the Nigerian Exchange (NGX), representing one of the largest single-day trades in recent market history. The shares were traded at an average price of ₦31.00 each, slightly below the stock’s closing price of ₦32.20 on the same day.
Insider Dealings Point to Strategic Shift
The buyer in the massive deal was identified as First Securities Limited, the in-house brokerage arm of FBN Holdings, headquartered in Ikoyi, Lagos. The sell-side featured an array of prominent investment firms including CardinalStone Securities, Meristem, Renaissance Capital, Regency Asset Management, United Capital, and Stanbic IBTC.
According to sources close to the matter, the trade may have facilitated the exit of Barbican Capital Limited, a previously significant shareholder believed to hold an estimated 3.1 billion shares, equivalent to 8.65% of FBN Holdings’ outstanding shares. Though no official confirmation has been made, market watchers interpret the move as a possible exit strategy by Barbican Capital, paving the way for further consolidation by other major stakeholders.
Speculation Swirls Around Femi Otedola
The absence of an official statement has only fueled speculation, with many pointing to billionaire investor Femi Otedola, an existing major shareholder, as a possible beneficiary of the internal restructuring. Otedola has steadily increased his stake in FBN Holdings in recent years, with prior filings showing his interest in gaining greater control of the board.
The NGX mandates the disclosure of any changes in substantial shareholding, leading market analysts to expect a formal notification in the coming days.
Market Reaction & Outlook
Despite the off-market nature of the trade which typically has minimal immediate impact on stock price FBN Holdings’ shares closed higher at ₦32.20, suggesting positive sentiment among investors or growing interest in the company’s future direction.
Analyst Commentary
Market analysts are viewing the transaction as more than just a routine portfolio reshuffle.
“This kind of internal, high-volume trade usually signals a strategic play rather than ordinary investor activity,” said one investment banker familiar with the situation. “It could very well be a prelude to a broader governance shift at the board level.”
With the financial and strategic implications still unfolding, investors and regulators alike will be watching closely for further disclosures from FBN Holdings Plc and its board.
