• AGF
• FG
• First HOLDCO

FG DENIES INVOLVEMENT IN FIRST HOLDCO SHARE ACQUISITION

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  CapitalTimesNews / 1 week
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• 2 min read

The Office of the Attorney General of the Federation and Minister of Justice has denied the Federal Government’s involvement in the acquisition of 25% of First Bank Holdings (First Holdco) shares. In a statement, Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, described a report by ThisDay Newspaper and Arise TV as “inaccurate, misleading, resentful, and malicious.” Ogundele said, “Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.” He added that the circumstances surrounding the shareholding structure are distinct from any government involvement. The Office of the Attorney General of the Federation and Minister of Justice noted that it is aware of a trustee set up by First Holdco, with the Central Bank of Nigeria approving Stanbic IBTC to oversee it as a third party. Ogundele urged the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating 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 said. He emphasized the importance of accuracy in reporting, particularly when it concerns sensitive financial matters. Ogundele reiterated that the government’s priority is to uphold the rule of law and ensure transparency in all its dealings. The denial comes as a surprise to many, given the earlier reports suggesting government involvement in the share acquisition. Ogundele’s statement aims to clarify the situation and reassure the public of the government’s commitment to transparency.