Attorney-General Fagbemi’s Office Denies Government’s Stake In FirstHoldco Plc, Calls Thisday/Arise Reports Malicious

ThisDay in a report published on Friday titled “25% of First Holdco’s Shares Went to FG’s Trustee, Not Otedola” and aired on Arise TV had claimed that “contrary to its earlier report suggesting that Mr. Femi Otedola, had increased his shares stake in FirstHoldco Plc to 40 per cent, from his current 15 per cent, emerging details have revealed that the shares were actually acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.”

The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has denied reports suggesting that the Federal Government of Nigeria acquired a 25% stake in First Bank Holdings (First Holdco).

The paper further claimed that the trustee, which was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.

The outlet quoted a source familiar with the deliberations to have said: “the shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement.”

Reacting to the report in a statement, the Attorney General denied the report describing it as “inaccurate, misleading, resentful and malicious.”

In the statement signed by Kamarudeen Ogundele, the Special Assistant to the President on Communication and Publicity, office of the AGF, it unequivocally stated that neither the Federal Government nor the Attorney General’s office participated in acquiring the shares in question.

“The circumstances surrounding the shareholding structure are distinct from any government involvement,” Ogundele stated.

The AGF’s office explained that a trustee set up by First Holdco, with the Central Bank of Nigeria approving Stanbic IBTC as a third-party overseer, is involved in the shareholding structure.

Ogundele urged the media to exercise restraint, professionalism and due diligence in their reporting to avoid violating the law.

The denial comes amid scrutiny of FirstBank’s operations and governance.

The AGF’s office reassured the public of its commitment to promoting the rule of law, justice, equity, accountability, transparency, and service to the nation under President Bola Ahmed Tinubu’s administration.