AGF denies FG’s involvement in First Holdco share acquisition

The Office of the Attorney General of the Federation (AGF) has refuted recent media reports suggesting that the Federal Government has taken ownership of a 25% stake in First Bank Holdings (First Holdco).

In a press statement issued on Friday by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity at the AGF’s office, the federal government described the reports by ThisDay Newspaper and Arise TV as “inaccurate, misleading, resentful and malicious.”

The AGF’s office categorically stated that, neither the Federal Government nor the Attorney General of the Federation and Minister of Justice had any involvement in the acquisition of shares in the financial institution.

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“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.

It clarified that while a trustee structure does exist within First Holdco, it was initiated independently by the company, with regulatory oversight by the Central Bank of Nigeria (CBN) and that, Stanbic IBTC has reportedly been approved by the apex bank to act as a third-party trustee, but this arrangement, the AGF’s office stressed, has no connection to the federal government.

The statement further urged media organisations to practice greater professionalism and diligence in their reporting to avoid spreading misinformation or running afoul of the law.

“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency, and service to the nation by the administration of President Bola Ahmed Tinubu,” Ogundele added.