FG denies involvement in First Holdco shares acquisition

The federal government has denied its involvement in the acquisition of the shares of First Bank Holdings (First Holdco PLC).

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A report had earlier alleged that 25% of First Holdco shares were transferred to the federal government trustee.

The report said the shares were acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.

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The report added that the trustee was set up through the settlement being brokered by the Office of the Attorney General of the Federation.

Reacting in a statement on Friday, July 18, 2025, the federal government described the report as “inaccurate, misleading, resentful, and malicious.”

The government, in a statement issued by the S A to the President on Communication and Publicity, Office of the AGF, Kamarudeen Ogundele, said neither the federal government nor the AGF participated in acquiring the shares.

Ogundele stated: “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.

“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.”