The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN) has debunked a media report on the First Holco shares acquisition, insisting that the Federal Government is not involved in the share acquisition.
According to the AGF, the report suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee is inaccurate, misleading, resentful and malicious.
The Special Adviser to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, Kamarudeen Ogundele, stated this in a statement made available on Friday while faulting the media report by ThisDay newspaper and Arise TV on the matter.
The AGF added that neither the Federal Government of Nigeria nor his office participated in acquiring the shares in question, saying that the circumstances surrounding the shareholding structure are distinct from any government involvement.
Fagbemi further urged the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.
The statement reads in part, “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.
“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, the Federal Government 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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