Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has denied that the Bola Ahmed Tinubu-led government was involved in the purchase of First Holdco stock.
According to a report, a Special Purpose Vehicle (SPV) acting as a trustee on behalf of the federal government purchased 25% of Frist Holdco.
According to the report, 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 expedite the purchase through a custodial arrangement.
“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,” a source familiar with the discussions told THISDAY last night.
Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity (Office of the AGF), however, rejected the story in a statement.
He characterized the This Day report as spiteful, resentful, misleading, and false.
“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV indicating that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee,” the statement said.
“The report is malicious, resentful, deceptive, and inaccurate.”
The Attorney General of the Federation, the Minister of Justice, and the Federal Government of Nigeria did not take part in the purchase of the disputed shares.
To avoid misunderstandings or confusion regarding First Holdco’s ownership and management, the Office of the Attorney General of the Federation and the Minister of Justice refute this myth.
“Any government involvement is not the same as the circumstances surrounding the shareholding structure.”
However, it is aware of a trustee that First Holdco established, and the CBN has authorized Stanbic IBTC to act as a third party to manage it.
“In order to avoid breaking the law, we implore the media to perform their duty with professionalism, prudence, and due diligence.
“We guarantee the people that President Bola Ahmed Tinubu’s administration will continue to uphold the rule of law, justice, equity, accountability, transparency, and national service.”
