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AGF denies FG’s involvement in First Holdco share acquisition
The Office of the Attorney General of the Federation (AGF) has denied reports claiming that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s trustee.
In a statement released on Friday, Senior Assistant to the President on Communication and Publicity at the AGF’s office, Kamarudeen Ogundele, described the reports by ThisDay Newspaper and Arise TV as “inaccurate, misleading, resentful and malicious.”
Ogundele emphasized, “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 further clarified that the shareholding structure of First Holdco is “distinct from any government involvement,” although the AGF’s office is aware of a trustee arrangement established by First Holdco, with the Central Bank of Nigeria approving Stanbic IBTC to oversee it as a third party.
The statement urged the media to “exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” and reassured the public of the government’s “commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation” under President Bola Tinubu’s administration.