FG Addresses Its Role in First HoldCo Share Acquisition

Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has denied that the Bola Ahmed Tinubu-led government was involved in the purchase of First Holdco shares.
According to a report, a trustee operating on behalf of the federal government, a Special Purpose Vehicle (SPV), purchased 25% of Frist Holdco’s shares.
According to the article, the Office of the Attorney General of the Federation, in collaboration with the Central Bank of Nigeria, mediated the settlement and established the trustee, which permitted the purchase through a custodial arrangement.

A source familiar with the discussions told THISDAY last night that the shares are now with the trustee for the next two or three weeks, during which time they will make a strategic decision about what to do with the shares and examine FBN’s capital-raising plan to satisfy the CBN requirement.

However, Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity (Office of the AGF), rejected the story in a statement.

Read Also: Edo PDP Clears Candidates Ahead of July 21 Senate and House By‑Elections

He characterized This Day’s piece as spiteful, resentful, misleading, and wrong.

The statement said: “We are required to reply to a report by Arise TV and ThisDay Newspaper on July 17, 2025, indicating that a quarter of First Bank Holdings’ (First Holdco’s) shares were given to the trustee of the Federal Government of Nigeria (FGN).”

“The report is nasty, resentful, deceptive, and untrue.

“The Attorney General of the Federation, the Minister of Justice, and the Federal Government of Nigeria did not take part in the purchase of the shares in question.

The Minister of Justice and the Office of the Attorney General of the Federation refute this myth in order to avoid misunderstandings regarding the ownership and management of First Holdco.

“Any government engagement is not the same as the conditions around the shareholding structure.

But it is aware of a trustee that First Holdco established, and the CBN has authorized Stanbic IBTC to act as a third party to manage it.

“In order to prevent breaking the law, we implore the media to perform their tasks with professionalism, prudence, and due diligence.

“We guarantee the public that President Bola Ahmed Tinubu’s administration will continue to advance the Rule of Law, Justice, Equity, Accountability, Transparency, and National Service.”