The Presidency has strongly refuted media reports suggesting that the Federal Government of Nigeria has acquired a 25% stake in First Bank Holdings (First Holdco), describing the claims as “inaccurate, misleading, resentful, and malicious.”
The rebuttal came through a statement issued by Mr. Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, following a publication by ThisDay Newspaper and a broadcast by Arise TV on July 17, 2025.
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Ogundele categorically denied any involvement by the Federal Government or the Attorney General of the Federation and Minister of Justice in the purported acquisition of shares in the banking conglomerate.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” Ogundele stated. “The report is inaccurate, misleading, resentful and malicious.”
He clarified that the Office of the Attorney General only became aware of a trustee arrangement within First Holdco, which had received approval from the Central Bank of Nigeria (CBN), appointing Stanbic IBTC as a third-party overseer of the trust.
“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the statement emphasized, seeking to quash any rumors of federal intrusion into the bank’s ownership or governance framework.
Ogundele warned that such misreporting, if left unchecked, could create unnecessary panic and erode public trust in financial institutions.
“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,” he said.
Calling for responsible journalism, he urged media outlets to uphold professional standards in their reporting.
“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” Ogundele cautioned.
Reiterating the Tinubu administration’s commitment to justice and transparency, Ogundele concluded, “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.”
The statement marks a firm pushback from the Federal Government against narratives implicating it in the affairs of private financial institutions, reinforcing its stance on non-interference and due process.
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