AGF Denies FG’s Acquisition of 25% Shares in First Bank Holdings

The Office of the Attorney General of the Federation and Minister of Justice has denied reports alleging that the Federal Government acquired 25 percent of shares in First Bank Holdings (First Holdco).

The rebuttal follows a publication by ThisDay Newspaper on July 17, 2025, and a related broadcast on Arise TV, which suggested that the substantial stake was transferred to a trustee on behalf of the Federal Government.

In a statement issued on July 18 and signed by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity at the AGF’s office, the report was described as “inaccurate, misleading, resentful, and malicious.”

The statement clarified that neither the Federal Government nor the Attorney General of the Federation had any involvement in acquiring the said shares, warning that the narrative could mislead the public and distort perceptions of First Holdco’s ownership and governance.

It further explained that the shareholding structure in question stems from an internal trustee arrangement created by First Holdco, with the Central Bank of Nigeria (CBN) approving Stanbic IBTC to act as a third-party trustee. This, it emphasized, is separate from any form of government control or acquisition.

The AGF’s office urged media outlets to verify facts and uphold professional standards in their reportage, stressing the need to avoid misinformation capable of inciting public confusion or breaching legal boundaries.

Reaffirming its commitment to transparency and accountability, the statement concluded with an assurance that President Bola Ahmed Tinubu’s administration remains dedicated to the rule of law, justice, equity, and national service.