The Federal Authorities of Nigeria and distinguished businessman Femi Otedola, Chairman of FirstHoldCo Plc, have formally denied any involvement within the latest acquisition of roughly 25% of FirstHoldCo’s shares, valued at over N323 billion.
The statements comply with speculative media studies alleging that the transaction was facilitated by means of a federal government-backed Particular Goal Automobile (SPV).
A number of social media and on-line platforms (excluding Nairametrics) reported {that a} trustee appearing on behalf of the federal authorities below the supervision of the Legal professional Normal’s workplace and the Central Bank of Nigeria (CBN) had facilitated the share acquisition.
These claims advised that the shares have been quickly held by the trustee pending additional strategic choices concerning FirstBank’s recapitalization plans to satisfy up to date CBN necessities.
In a powerful rebuttal issued by means of a public assertion, Kamarudeen Ogundele, Particular Adviser on Communication and Publicity within the Workplace of the Attorney General of the Federation and Minister of Justice, dismissed the studies as “false, deceptive, resentful and doubtlessly dangerous.”
“The Workplace of the Attorney General of the Federation and Minister of Justice debunks this falsehood to stop confusion or misconceptions about FirstHoldCo’s possession and governance,” Ogundele mentioned.
He clarified that Legal professional Normal Lateef Fagbemi and his workplace have been neither a part of nor aware of any share buy association.
The assertion additional famous that whereas the federal government was conscious of a trustee construction authorised by the CBN, it had no direct affiliation, including that RENCAP was designated by the CBN as an unbiased third-party overseer of this trustee association.
As reported earlier, Nairametrics understands that RC Investments Ltd, the SPV linked to Renaissance Capital, was the precise acquirer.
FirstHoldCo, in a separate assertion signed by Firm Secretary Adewale Arogundade, additionally distanced each its Chairman and the federal authorities from the high-profile deal.
“The Chairman of FirstHoldCo, Femi Otedola, didn’t buy any of the shares in query, nor did the Federal Authorities of Nigeria or any of its companies purchase the shares in belief,” the assertion learn.
Based on the corporate, the sellers have been Barbican Capital Restricted & associates linked to longstanding shareholder Oba Otudeko, and Leadway Group & associates. The customer was confirmed as RC Funding Administration Ltd, a Particular Goal Automobile related to Renaissance Capital.
The block commerce was executed off-market on the Nigerian Trade (NGX) on July 16, 2025, involving 10.43 billion shares at N31 per share throughout 17 negotiated offers, culminating in a transaction worth of N323.4 billion. This deal represents roughly 25% of the whole excellent shares of FirstHoldCo Plc.
Analysts consider this large-scale transaction might sign renewed institutional confidence in FirstHoldCo or a restructuring effort aimed toward realigning with CBN’s new capital adequacy framework.
Nevertheless, each FirstHoldCo and federal officers have emphasised the significance of transparency and factual reporting, warning towards unverified narratives that might impression shareholder belief and market integrity.
