FG Didn’t Acquire First Holdco Shares – AGF

The Office of the Attorney General of the Federation and Minister of Justice has debunked reports suggesting that the federal government acquired a 25 per cent stake in First Bank Holdings (First Holdco), describing such claims as false, misleading and malicious.

This clarification followed a report published by ThisDay Newspaper on July 17, 2025, and a broadcast by Arise TV, both of which claimed that the federal government had acquired a quarter of the banking group’s shares through a trustee arrangement.

But in a statement signed yesterday by special assistant to the president on communication and publicity in the Office of the Attorney General of the Federation, Kamarudeen Ogundele, the AGF said neither the federal government nor the justice ministry participated in acquiring the said shares.

“The report is inaccurate, misleading, resentful and malicious,” the statement said. “Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” he said.

The ministry stated that the governance and ownership structure of First Holdco remained distinct and unconnected to any form of government stake or interest.

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While acknowledging the existence of a trustee arrangement involving the Central Bank of Nigeria (CBN), the AGF’s office clarified that the trustee was independently established by First Holdco and is currently being managed by Stanbic IBTC as a third party — not on behalf of the government.

The ministry warned the media against what it termed “reckless reporting,” urging journalists and media organisations to exercise restraint, verify facts, and uphold the ethics of responsible journalism.

“We urge the media to exercise professionalism and due diligence in carrying out their duties to avoid violating the law,” the statement said.

The attorney general reaffirmed the Tinubu administration’s commitment to upholding the rule of law, justice, accountability, and transparency, assuring Nigerians that the justice ministry would continue to protect public interest without compromising legal standards.

The statement followed heightened public interest in the shareholding dynamics at First Bank Holdings, one of Nigeria’s oldest and largest financial institutions.