First HoldCo Plc has officially addressed the recent speculation surrounding its shareholding structure, following reports of 25% shareholding acquisition by media outlets such as ThisDay, BusinessDay, and Arise TV.
The company in a public notice published on the Nigerian Exchange on Friday categorically denied claims linking its Chairman, Mr. Femi Otedola, or the Federal Government of Nigeria to recent share purchases.
First HoldCo in the notice signed by Adewale L.O Arogundade, the company secretary clarified that Mr. Otedola did not purchase any shares in the recent transactions. It also emphasized that neither the Federal Government nor any of its agencies acquired shares in trust or through any other means.
The company said, “We wish to state that the Chairman of FirstHoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria nor any of its Agencies, acquire the shares in Trust.
“The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited.”
The Federal Government its reaction to the reports by the media that it acquired 25% of FBN Holdings Plc, categorically distanced itself from the claims.
The FG in a statement on Friday stated that neither the government nor the Ministry of Justice acquired any stake in FirstHoldCo—directly or indirectly.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” said the Special Adviser on Communication and Publicity to the Attorney‑General, Kamarudeen Ogundele, in a statement he signed Friday titled “AGF denies FG’s involvement in First Holdco Share Acquisition.”
“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 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 read.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
