Lateef Fagbemi, the Minister of Justice and Attorney-General of the Federation, has denied that the Bola Ahmed Tinubu-led government was involved in the purchase of First Holdco shares.
A Special Purpose Vehicle (SPV) operating as a trustee on behalf of the federal government allegedly purchased 25% of Frist Holdco, according to a report that surfaced.
According to the article, the trustee was established as a result of the settlement mediated by the Office of the Attorney General of the Federation, which collaborated with the Central Bank of Nigeria to aid the purchase through a custodial arrangement.
According to a source familiar with the discussions, “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,” THISDAY reported last night.
Kamarudeen Ogundele, the Office of the AGF’s Special Adviser to the President on Communication and Publicity, however, rejected the story in a statement.
This Day’s report, he said, was nasty, resentful, misleading, and false.
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We must respond to a report by ThisDay Newspaper and Arise TV on July 17, 2025, which claimed that a quarter of First Bank Holdings’ (First Holdco’s) shares had been given to the trustee of the Federal Government of Nigeria (FGN).
“The report is resentful, hostile, deceptive, and false.
The shares in question were not purchased by the Federal Government of Nigeria, the Attorney General of the Federation, or the Minister of Justice.
To clear up any misunderstandings regarding First Holdco’s ownership and management, the Office of the Attorney General of the Federation and the Minister of Justice refute this myth.
“The shareholding structure’s circumstances are different from any government intervention.
Nonetheless, it is aware of a trustee appointed by First Holdco, whose third-party supervision was approved by the CBN for Stanbic IBTC.
“We implore the media to perform their duties with professionalism, restraint, and due diligence in order to prevent breaking the law.
“We guarantee that the administration of President Bola Ahmed Tinubu will continue to uphold the rule of law, justice, equity, accountability, transparency, and service to the nation.”
