Nigerian Government not involved in First HoldCo’s share acquisition –OAGF

*The Office of the Attorney General of the Federation and Minister for Justice states neither the Federal Government of Nigeria nor the Attorney-General of the Federation and Minister of Justice participated in acquiring the First HoldCo’s shares

Alexander Davis | ConsumerConnect

The Office of the Attorney-General of the Federation (OAGF) and Minister for Justice has negated the content of a publication by ThisDay Newspaper of July 17, 2025, and Arise TV, suggesting that 25 percent of FirstBank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.

The OAGF, which observed this in a statement, Friday, July 18, 2025, expressly dismissed the report, describing it as “inaccurate, misleading, resentful and malicious”.

Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity at OAGF, states neither the Federal Government of Nigeria nor the Attorney-General of the Federation and Minister of Justice participated in acquiring the First HoldCo’s shares.

The Federal Government further debunked “this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.”

It explained: “The circumstances surrounding the shareholding structure are distinct from any government involvement.

“However, it is aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.”

The statement noted: “We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.”

Ogundele said: “We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu.”