The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, has denied reports linking the Federal Government to a 25 per cent share acquisition in First Bank Holdings.
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In a statement issued on Friday, the Special Assistant to the President on Communication and Publicity, Kamarudeen Ogundele, described the July 17 publication on news platforms as “inaccurate, misleading, resentful and malicious.”
The statement partly read,” 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 (FGN) trustee.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.”
The AGF’s office further clarified that the ownership and governance of First Holdco remain independent of any federal involvement.
“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the statement added.
However, it confirmed that a trustee was established by First Holdco, and that the Central Bank of Nigeria approved Stanbic IBTC as a third-party overseer.
The Presidency urged media organisations to exercise “restraint, professionalism, and due diligence” in reporting sensitive financial matters, cautioning against violating the law.
“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu,” Ogundele stated.
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