Federal Government Clarifies Role in First Holdco Share Acquisition - Federal Government Clarifies Role in First Holdco Share Acquisition

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FG Speaks on Alleged Involvement in First Holdco Share Acquisition

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has strongly refuted claims that the administration of President Bola Ahmed Tinubu played any role in the acquisition of shares in First Bank Holdings (First Holdco).

Recent media reports alleged that a trustee Special Purpose Vehicle (SPV)—reportedly acting on behalf of the Federal Government—acquired 25% of First Holdco shares through a custodial arrangement facilitated by a settlement involving the Office of the Attorney-General and the Central Bank of Nigeria (CBN).

According to THISDAY, a source claimed:

“The shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement.”

AGF Responds to Report

However, in a statement issued by Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity (Office of the AGF), the Federal Government denied any involvement, describing the report as false, misleading, and malicious.

“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV, suggesting that 25% of First Bank Holdings shares were transferred to the Federal Government’s trustee,” the statement read.

“The report is inaccurate, misleading, resentful, and malicious. Neither the Federal Government of Nigeria nor the Attorney General of the Federation participated in acquiring the shares in question.”

The statement clarified that the Attorney-General’s Office is not involved in the shareholding structure of First Holdco and dismissed any claims suggesting government ownership or interference.

“While it is aware of a trustee established by First Holdco, with CBN’s approval of Stanbic IBTC to act as a third-party overseer, that arrangement is separate from any federal government activity.”

Call for Responsible Reporting

The AGF’s office called on the media to demonstrate professionalism and due diligence, warning against spreading unverified information that may mislead the public or disrupt corporate governance.