FG debunks report on First HoldCo’s share sales involving Otudeko, Odukale

The Nigerian Government has denied its involvement in recent acquisitions of shares in First HoldCo Plc, which saw 10.43 billion shares of the financial services group, valued at N323.3 billion, exchange hands through 17 negotiated off-market deals on Wednesday.

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In a Friday statement issued by Kamarudeen Ogundele, special assistant to the president on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice, the government described the report as “inaccurate, misleading, resentful and malicious.”

“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.

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

ThisDay newspaper had stated in an earlier publication that a trustee set up as a special purpose vehicle acquired the shares, acting on behalf of the Federal Government.

The trustee, it said, was established “through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria,” and facilitated the purchase of the shares “through a custodial arrangement.”

“The shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement”, the news outlet quoted a source as saying.

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In the statement issued on Friday, the Office of the Attorney General of the Federation and Minister of Justice disclosed that it is imperative to refute the claim in order to avert confusion or misconception about First HoldCo’s ownership and governance.

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

PREMIUM TIMES’ findings showed that RC Investment Management Limited was actually approved to oversee the trustee.

ALSO READ: Otudeko, Odukale exit First HoldCo, sell off stakes

In a related development, First HoldCo has issued a statement debunking reports by ThisDay, Business Day and Arise TV in respect of the share sales.

“We wish to state that the Chairman of FirstHoldCo, Mr Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria or any of its agencies acquire the shares in Trust,” the group noted in a statement on Friday.

“The sellers were Barbican Capital Limited & affiliates and Leadway Group & affiliates, and the buyer was RC Investment Management Limited,” it added.

PREMIUM TIMES’ check with the Corporate Affairs Commission showed Sule Samuel Babatunde as the person with significant control in RC Investment Management Limited, which was registered on 8 May 2024.