The federal government has debunked reports that 25 per cent of First Bank Holdings, First Holdco, shares were transferred to its (government’s) trustee.
Describing the report as inaccurate, misleading, resentful and malicious, the federal government said it decided to react to the report in order to avoid confusion or misconceptions about First Holdco’s ownership and governance.
The press statement signed by Mr. Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, reads in full:
“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 (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.
“The report is inaccurate, misleading, resentful 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 Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.
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“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.
“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.
“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.”
