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Minister of Justice and Attorney-General of the Federation Lateef Fagbemi (SAN) has denied that the Bola Ahmed Tinubu-led government was involved in the purchase of First Holdco shares.
According to a report that surfaced, a trustee acting on behalf of the federal government obtained 25% of Frist Holdco’s shares through a Special Purpose Vehicle (SPV).
Using a custodial arrangement, the Office of the Attorney General of the Federation, in collaboration with the Central Bank of Nigeria, facilitated the acquisition and established the trustee, according to the report.
“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 in addition to looking at FBN’s plan for capital raise to meet CBN requirement,” a source familiar with the discussions told THISDAY last night.
However, the report was rejected by Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity (Office of the AGF), in a statement.
He called this day’s report spiteful, nasty, misleading, and false.
“We are obliged to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV indicating that a quarter of First Bank Holdings’ (First Holdco’s) shares were sold to the trustee of the Federal Government of Nigeria (FGN),” the statement said.
The report contains hostile, resentful, deceptive, and false information.
The Attorney General of the Federation and the Minister of Justice did not take part in the purchase of the shares in question, nor did the Federal Government of Nigeria.
This myth is refuted by the Minister of Justice and the Office of the Attorney General of the Federation in order to avoid misunderstandings regarding the ownership and management of First Holdco.
“Any government intervention is not the same as the conditions around the shareholding arrangement.
Though the CBN has authorized Stanbic IBTC to act as a third party to oversee it, it is aware of a trustee established by First Holdco.
We call on the media to perform their jobs with professionalism, prudence, and due diligence in order to stay out of trouble with the law.
“The administration of President Bola Ahmed Tinubu is committed to upholding the rule of law, justice, equity, accountability, transparency, and service to the nation as a whole.”
