AGF Denies FG's Involvement In First Holdco Share Acquisition

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The Federal Government has dismissed as untrue a media report that it acquired 25% of First Bank Holdings, FirstHoldco.

The Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, in a statement by Kamarudeen Ogundele, S.A. to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice dated July 18, 2025, stated that, “We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.”

The statement said, “The report is inaccurate, misleading, resentful and malicious.

“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.”

The Minister debunked the report, saying it is falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.

“The circumstances surrounding the shareholding structure are distinct from any government involvement.

“However, it is aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.

“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” the Minister stated.

The Federal Government assured 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.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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