The Federal Government of Nigeria (FGN) has vehemently denied any involvement in the acquisition of 25% of First Bank Holdings (First Holdco) shares, refuting claims made by ThisDay Newspaper and Arise TV. In a press statement released on July 18, 2025, and signed by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the Office of the Attorney General of the Federation and Minister of Justice, the government labeled the reports as “inaccurate, misleading, resentful and malicious.” This strong denial aims to clarify the ownership structure of First Holdco and prevent public confusion.
The statement explicitly asserted that “Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.” It further debunked the “falsehood” to avoid any misconceptions about First Holdco’s ownership and governance. The government’s swift response indicates its concern over the potential implications of such reports on the financial markets and public trust in corporate governance.
While denying direct involvement, the Office of the Attorney General of the Federation and Minister of Justice did acknowledge awareness of a trustee set up by First Holdco itself. It noted that the Central Bank of Nigeria (CBN) had approved Stanbic IBTC to oversee this trustee as a third party. This clarification suggests that while a trustee exists, its establishment and purpose are distinct from any direct government acquisition or intervention in the bank’s shareholding.
The government urged media organizations to exercise restraint, professionalism, and due diligence in their reporting, warning against “violating the law” through the dissemination of unverified or false information. This plea highlights the government’s concern about the impact of misinformation on public discourse and economic stability, particularly concerning sensitive financial institutions.
The press release concluded with an assurance to the public of the Bola Ahmed Tinubu administration’s continuous commitment to promoting the Rule of Law, Justice, equity, accountability, transparency, and service to the nation. This reaffirmation of core governance principles aims to reassure both local and international stakeholders about the government’s stance on regulatory oversight and ethical conduct in the financial sector.
