The Federal Government of Nigeria has firmly denied any involvement in the acquisition of a 25% stake in First Bank Holdings (First Holdco), refuting recent media reports that suggested otherwise.
The clarification comes in response to a July 17, 2025, publication by ThisDay Newspaper and Arise TV, which claimed that the shares were transferred to a Federal Government trustee.
In a statement issued on July 18, 2025, Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity at the Office of the Attorney General of the Federation and Minister of Justice, described the reports as “inaccurate, misleading, resentful, and malicious.” He emphasized that neither the Federal Government nor the Attorney General of the Federation played any role in acquiring the shares in question.
“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,” Ogundele stated. “The circumstances surrounding the shareholding structure are distinct from any government involvement.”
The statement further clarified that a trustee, overseen by Stanbic IBTC and approved by the Central Bank of Nigeria (CBN), was established by First Holdco as a third party to manage the shares. The Federal Government reiterated its commitment to transparency and urged media outlets to exercise professionalism and due diligence to avoid spreading misinformation.
“We assure the public of our continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency, and service to the nation under the administration of President Bola Ahmed Tinubu,” Ogundele added.
The clarification has been welcomed by stakeholders, who view it as a step toward maintaining public trust in the governance of Nigeria’s financial institutions. The Federal Government’s swift response underscores its dedication to upholding clarity and accountability in the face of misleading narratives.