The Federal Government has denied any involvement in the acquisition of 25% shares in First Bank Holdings (First Holdco), countering media reports that claimed a significant stake had been transferred to the government.
In a statement released on Thursday, the Office of the Attorney General of the Federation (AGF) and Minister of Justice dismissed a ThisDay newspaper report and a broadcast by Arise TV as “inaccurate, misleading, resentful, and malicious.”
The Special Assistant to the President on Communication and Publicity at the AGF’s office, Kamarudeen Ogundele, said neither the federal government nor the Attorney General played any role in the alleged share transfer.
“We categorically state that the Federal Government of Nigeria and the Attorney General of the Federation have no hand in the acquisition of the shares in question,” the statement read.
The government clarified that a trustee had been established for First Holdco, with the Central Bank of Nigeria (CBN) approving Stanbic IBTC to act as a third-party overseer. However, it emphasized that this arrangement was entirely independent of any federal involvement.
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The AGF’s office urged the media to exercise caution, professionalism, and due diligence in their reporting, warning against the spread of misinformation that could mislead the public.
“We assure Nigerians of this administration’s continued commitment to justice, equity, accountability, and the rule of law,” the statement added.
The clarification comes amid growing speculation over changes in First Holdco’s ownership structure and the role of regulators and trustees in the ongoing realignment of the banking group’s governance.