The Business NG - July 21, 2025

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BusinessNG Editorial Focus – July 21, 2025
Transparency and Trust in Capital Markets

The ₦323 billion block trade involving RC Investment Management Limited and First HoldCo Plc has reignited a critical conversation around transparency in Nigeria’s capital markets. While First HoldCo has distanced itself—and its chairman—from the transaction, fundamental questions remain unanswered. Who exactly owns RC Investment? How was such a massive deal funded by a firm incorporated just over a year ago? And where is the regulatory clarity investors deserve?

These are not trivial concerns. In a market where investor confidence hinges on openness, the lack of visibility around major transactions can breed distrust. As foreign capital becomes harder to attract, Nigeria must do more to enforce beneficial ownership disclosure, scrutinize block trades, and ensure robust oversight. The onus is now on the Securities and Exchange Commission (SEC) and the NGX to act decisively.

Until sunlight reaches every corner of this deal, questions will linger—and so will market unease.