The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, has denied claims that the Federal Government acquired a stake in First HoldCo Plc.
This follows a report by ThisDay Newspaper and its broadcast arm Arise TV, suggesting that 25 percent of the company’s shares were transferred to a trustee on behalf of the Federal Government.
In a statement on Friday, Fagbemi’s spokesperson, Kamarudeen Ogundele, described the report as false, misleading, and malicious.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” the statement said.
Ogundele clarified that First HoldCo, the parent company of FirstBank, has a trustee arrangement approved by the Central Bank of Nigeria (CBN). However, he stressed that the trustee is managed by Stanbic IBTC and has no link to the government.
“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the statement noted.
The clarification follows a major transaction on Wednesday, when over 10 billion shares of First HoldCo were traded off-market in 17 negotiated deals. The transaction, valued at N323.4 billion, sold the shares at N31 each.
Following the deal, market rumours suggested a shift in ownership, with some speculating that the government had acquired a significant stake. First HoldCo later confirmed that the shares were sold by Barbican Capital Limited and Leadway Group to RC Investment Management Limited.
First HoldCo Plc also dismissed reports claiming its chairman, Femi Otedola, was involved in the N323.4 billion share transaction.
The attorney general’s office has urged the media to exercise caution and verify facts before publication.
It also reaffirmed the President Bola Tinubu administration’s commitment to the rule of law, justice, equity, and transparency in all its dealings.
