The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN, has denied the Bola Ahmed Tinubu-led administration’s involvement in First Holdco Share Acquisition.
A report had emerged claiming that 25 per cent shares of Frist Holdco were acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.
The trustee, the report claimed, was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.
“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”, a source familiar with the deliberations told THISDAY last night.
But in a statement to Naija News, Special Adviser to the President on Communication and Publicity (Office of the AGF), Kamarudeen Ogundele, dismissed the report.
He described the report by This Day as inaccurate, misleading, resentful and malicious.
The statement read: “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.
“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.”
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