The Office of the Attorney General of the Federation (AGF) has dismissed reports suggesting that the Federal Government acquired a 25 percent stake in First Bank Holdings (First Holdco), describing the claims as “inaccurate, misleading, resentful and malicious.”
By Chimezie Godfrey
The Office of the Attorney General of the Federation (AGF) has dismissed reports suggesting that the Federal Government acquired a 25 percent stake in First Bank Holdings (First Holdco), describing the claims as “inaccurate, misleading, resentful and malicious.”
In a statement issued on Thursday, Mr. Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the Office of the AGF, said neither the Federal Government nor the Attorney General of the Federation and Minister of Justice had any role in the acquisition of the said shares.
“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 trustee. The report is inaccurate, misleading, resentful and malicious,” the statement read.
It further clarified that, “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.”
According to the statement, the current shareholding structure is not connected to any form of government involvement. It explained that a trustee was set up by First Holdco and approved by the Central Bank of Nigeria (CBN), with Stanbic IBTC appointed to oversee it as a third-party manager.
“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” Ogundele cautioned.
He assured the public of the Tinubu administration’s commitment to upholding the rule of law, justice, equity, accountability, transparency, and national service.
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