The Federal Government of Nigeria has refuted claims that it acquired a 25% stake in First Bank Holdings (First Holdco), labelling a recent report by ThisDay Newspaper and Arise TV as “inaccurate, misleading, resentful, and malicious.”
In a statement issued 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 clarified that neither the Federal Government nor the Attorney General participated in acquiring the shares in question. “The report is inaccurate, misleading, resentful, and malicious,” Ogundele stated, emphasising the need to correct the narrative to prevent confusion or misconceptions about First Holdco’s ownership and governance.
Ogundele further noted that the circumstances surrounding First Holdco’s shareholding structure are unrelated to any government involvement. However, he acknowledged that a trustee was established by First Holdco, with the Central Bank of Nigeria (CBN) approving Stanbic IBTC to oversee it as a third party. “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,” he added.
The statement also called on media outlets to exercise restraint and professionalism in their reporting to avoid legal violations. “We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” Ogundele said.
Reaffirming the government’s commitment, Ogundele assured the public of the administration’s dedication to upholding the rule of law and promoting justice, equity, accountability, transparency, and service to the nation under President Bola Ahmed Tinubu. “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,” he concluded.
The statement comes amid heightened scrutiny of First Holdco’s governance and ownership structure, with the government seeking to clarify its non-involvement in the reported share acquisition.
