First HoldCo responds to "misrepresentation of facts by ThisDay & Arise TV"

First HoldCo Plc has issued a strongly worded statement condemning ThisDay Newspaper and Arise TV for what it described as a deliberate misrepresentation of facts surrounding a recent off-market block trade involving 10.4 billion shares of the company on the Nigerian Exchange Limited (NGX).

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In a statement released by its management, the financial holding company expressed “embarrassment and disappointment” at what it called the “wilful and sensational distortion of facts” in reports by both media platforms following 16 July 2025 transaction.

According to First HoldCo, contrary to claims made in the reports, neither billionaire investor Femi Otedola nor the Federal Government of Nigeria or any of its agencies—including the office of the Attorney General—participated in the share acquisition.

“The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all the parties involved,” the company said. “This was done in order to ensure continuous stability of this important national franchise.”

The company further clarified that the shares were sold to an independent bridge holder and that the transaction conferred no benefit on First HoldCo itself.

In a sharp rebuke, the company urged the owner of both media organisations to “focus on paying back the indebtedness of his company — General Hydrocarbons Ltd — to FirstBank rather than negatively channeling his energies towards vilifying the First HoldCo Group.”

First HoldCo called on ThisDay and Arise TV to uphold the principles of journalism by verifying facts before publication and to practice fairness and objectivity in their reporting.

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The company stressed its commitment to transparency and stakeholder trust, even as it warned against further actions it sees as damaging to its reputation and the stability of the broader financial system.

BELOW IS THE FULL STATEMENT BY FIRST HOLDCO PLC

MISREPRESENTATION OF FACTS BY THISDAY & ARISE TV

The attention of the Board and Management of First HoldCo Plc has been drawn to the deliberate misrepresentation of facts and gross unprofessional conduct demonstrated by ThisDay Newspaper of July 17, 2025, and Arise TV on the recent off-market block trading of First HoldCo Plc shares on the floor of the Nigerian Exchange Limited (NGX).

First HoldCo Plc expresses its embarrassment and disappointment at the wilful and sensational distortion of facts by both ThisDay Newspaper and Arise TV following the movement witnessed in the market on Wednesday, July 16, 2025 when a total of 10.4 billion units of shares in off-market block trading took place on the floor of the Nigerian Exchange Limited (NGX).

This action was done with deliberate malicious intent to cast First HoldCo Plc in a bad light and also continue to create confusion and panic amongst our esteemed stakeholders.

ALSO READ: First HoldCo reveals buyer of recent share sales

We also wish to categorically state that Mr. Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, neither did the Federal Government of Nigeria, its agencies, and the Hon. Attorney of the Federation participate in the acquisition of the shares in question. The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all the parties involved. This was done in order to ensure continuous stability of this important national franchise.

The shares were sold to an independent Bridge Holder with no benefit accruing to the company.

*We urge the proprietor of both Thisday and Arise TV media platforms to focus on paying back the indebtedness of his company – General Hydrocarbons Ltd to FirstBank rather than negatively channeling his energies towards vilifying the FirstHoldCo Group.*

Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed core and at the heart of the tenets of journalism.

Management,
FirstHoldCo Plc