First HoldCo Plc Condemns Unprofessional Reporting By ThisDay & Arise TV

The attention of the Board and Management of First HoldCo Plc has been drawn to the deliberate misrepresentation of facts and grossly unprofessional conduct demonstrated by ThisDay Newspaper of 17 July, 2025, and Arise TV regarding the recent off-market block trading of First HoldCo Plc shares on the floor of the Nigerian Exchange Limited (NGX).

First HoldCo Plc expresses its embarrassment and disappointment at the willful and sensational distortion of facts by both ThisDay Newspaper and Arise TV following the movement witnessed in the market on Wednesday, 16 July, 2025, when a total of 10.4 billion units of shares in off-market block trading took place on the floor of the Nigerian Exchange Limited (NGX).

This action was taken with deliberate malicious intent to cast First HoldCo Plc in a bad light and to continue creating confusion and panic amongst our esteemed stakeholders.

We also wish to categorically state that Mr Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, nor did the Federal Government of Nigeria, its agencies, or the Honourable Attorney of the Federation participate in the acquisition of the shares in question. The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all parties involved. This was done to ensure the continued stability of this important national franchise.
The shares were sold to an independent Bridge Holder with no benefit accruing to the company.

We urge the proprietor of both ThisDay and Arise TV media platforms to focus on repaying the indebtedness of his company — General Hydrocarbons Ltd — to FirstBank rather than negatively channelling his energies towards vilifying the First HoldCo Group.

Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed at the core and heart of the tenets of journalism.