The bridge that would not burnThe shares now being sold trace to a boardroom war that predates them by a decade. First HoldCo moved swiftly to deny both possibilities, stating that neither its chairman nor any federal agency had acquired the shares in trust. No public evidence has surfaced linking the Presidency or any of its agencies to RC Investment Management, and First HoldCo’s denial has not been publicly contradicted. Mr Otedola has consistently described his buying as long-term conviction rather than a bid for outright control, but the arithmetic leaves him roughly 2.5 billion shares, a single further large purchase, from a threshold that would force his hand. AdvertisementThe gap between the two reactions says as much about the depth and patience of Nigeria’s capital market as it does about First HoldCo.