The Office of the Attorney General of the Federation (AGF) has categorically denied claims that the Federal Government acquired a 25 percent stake in First Bank Holdings (First Holdco), dismissing the reports as false, misleading, and malicious.
The clarification came in a statement released on Friday by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the Office of the AGF, following reports by ThisDay Newspaper and Arise TV suggesting that a quarter of First Holdco’s shares had been transferred to a federal trustee.
“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 trustee. The report is inaccurate, misleading, resentful and malicious,” the statement read.
The AGF’s office firmly denied any involvement in the alleged share acquisition, clarifying that neither the Federal Government nor the Attorney General played any role in the transaction. It emphasized that First Holdco remains a private entity, and its ownership structure has no connection to the government.
“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the AGF’s office stated, stressing that governance and ownership decisions within First Holdco are entirely independent of federal influence.
The statement further explained that although a trustee arrangement exists within First Holdco, it was established under the approval of the Central Bank of Nigeria (CBN), with Stanbic IBTC appointed as a third-party trustee — not as a government proxy.
“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,” the statement concluded.
