Business
FG Denies Acquiring First Bank Holdings Shares, Clarifies Trustee Arrangement
described the reports as “inaccurate, misleading, resentful
The Federal Government has denied involvement in the reported acquisition of a 25 percent stake in First Bank Holdings (First Holdco), distancing itself from claims suggesting its participation in the transaction.
In a statement issued on Friday, Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the Office of the Attorney General of the Federation and Minister of Justice, described the reports as “inaccurate, misleading, resentful, and malicious.”
According to the statement, neither the Federal Government nor the Attorney General of the Federation and Minister of Justice participated in the acquisition of the shares in question.
“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,” it said.
The clarification comes amid speculation surrounding the shareholding structure of the financial institution. The AGF’s office explained that while it is aware of a trustee arrangement approved by the Central Bank of Nigeria (CBN), Stanbic IBTC was appointed by First Holdco to manage the trustee in a third-party capacity, with no government involvement.
“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the statement added.
The government urged the media to uphold professionalism and diligence in their reporting to avoid misleading the public or running afoul of the law.
It reaffirmed President Bola Ahmed Tinubu’s administration’s commitment to the rule of law, justice, equity, transparency, and accountable governance.
