July 18, (THEWILL) — The Federal Government has dismissed reports linking it or the Attorney General of the Federation and Minister of Justice to the recent acquisition of shares in FBN Holdings (First HoldCo).
The rebuttal follows widespread reports that billionaire businessman and Chairman of FBN Holdings, Femi Otedola, acquired an additional 10.43 billion shares, representing about 24.9 per cent of the company’s total outstanding shares, bringing his total stake in the company to approximately 36.7 per cent.
In the wake of this development, ThisDay newspaper and Arise TV on Thursday reported that 25 per cent of the group’s shares had been transferred to the Federal Government of Nigeria’s trustee.
Reacting in a statement on Friday, the Special Adviser to the President on Communication and Publicity in the AGF’s office, Kamarudeen Ogundele, described the report as “inaccurate, misleading, resentful, and malicious.”
It added, “We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of FBN Holdings (First HoldCo) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee,” the statement read.
“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 AGF’s office said it issued the clarification to prevent public misconceptions about the ownership and governance of First HoldCo.
Ogundele further explained that the circumstances surrounding the shareholding structure were unrelated to any form of government involvement.
However, he noted that the Federal Government is aware of a trustee arrangement initiated by First HoldCo and approved by the Central Bank of Nigeria (CBN), with Stanbic IBTC appointed as a third-party overseer.
The AGF’s office urged the media to uphold professionalism and due diligence in their reportage to avoid disseminating false information and breaching legal boundaries.
He reiterated the Tinubu administration’s commitment to the rule of law, justice, equity, accountability, transparency, and responsible governance.
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