The Board and Management of First HoldCo Plc. have strongly condemned what they described as the “deliberate misrepresentation of facts and gross unprofessional conduct” by ThisDay Newspaper and Arise TV over recent off-market trading of the company’s shares.
In a statement issued on Monday, the financial holding group expressed its displeasure over reports published by the two media platforms regarding a major trading activity that took place on July 16, 2025, involving 10.4 billion units of its shares on the floor of the Nigerian Exchange Limited (NGX).
“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),” the statement read.
“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),” the company added.
Describing the media reports as “deliberately malicious,” First HoldCo Plc. accused both platforms of attempting to cast the company in a negative light and inciting confusion among stakeholders.
In response to speculation around the identity of the buyer, the company denied that prominent businessman Mr. Femi Otedola, or the Nigerian Government and its agencies, were involved in the transaction.
“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.
“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.
“The Attorney of the Federation participated in the acquisition of the shares in question,” the statement clarified.
First HoldCo Plc. emphasized that the transaction was transparent and supervised by relevant regulators, stating, “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.”
According to the company, the shares were sold to an independent bridge holder, with no financial benefit accruing to First HoldCo Plc. itself.
The company called on the proprietor of ThisDay and Arise TV to address outstanding debts allegedly owed to FirstBank.
“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,” the Board said.
The company further urged the two media outlets to uphold journalistic standards, “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.”
Last Friday, the Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, denied reports suggesting that the Federal Government of Nigeria had acquired a 25% stake in First Bank Holdings (First Holdco).
ThisDay in a report published on Friday titled “25% of First Holdco’s Shares Went to FG’s Trustee, Not Otedola” and aired on Arise TV had claimed that “contrary to its earlier report suggesting that Mr. Femi Otedola, had increased his shares stake in First Holdco Plc. to 40 per cent, from his current 15 per cent, emerging details have revealed that the shares were actually acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the Federal Government.”
The newspaper further claimed that the trustee was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.
The outlet quoted a source familiar with the deliberations as saying that “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.”
Reacting to the report in a statement, the Attorney General denied the report, describing it as “inaccurate, misleading, resentful, and malicious.”
In the statement signed by Kamarudeen Ogundele, the Special Assistant to the President on Communication and Publicity, office of the AGF, stated that neither the Federal Government nor the Attorney General’s office participated in acquiring the shares in question.
“The circumstances surrounding the shareholding structure are distinct from any Government involvement,” Ogundele stated.
The AGF’s office explained that a trustee set up by First Holdco Plc., with the Central Bank of Nigeria’s approval, had been appointed as a third-party overseer in the shareholding structure.
Ogundele urged the media to exercise restraint, professionalism, and due diligence in their reporting to avoid violating the law.
The denial came amid scrutiny of First Bank’s operations and governance.
Background
Following shareholders’ infighting, Oba Otudeko was charged in the Federal High Court based on a criminal complaint by Otedola-led FBN management. The infighting among shareholders left the CBN concerned that FBN may not meet the new capital requirement if the infighting continues.
The Apex Bank, working with the Attorney General, decided to seek a non-legal solution to the infighting, resulting in the exit of Oba Otudeko in return for withdrawing the criminal complaint and prosecution by First Bank.
The result is the movement recently seen in the market when a total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares took place on the floor of the Nigerian Exchange Limited (NGX).
Oba Otudeko, the erstwhile Chairman of First Holdco, was forced to sell off over 20 per cent of shares linked to him.
Also, another long-term shareholder, the Hassan-Odukale family, voluntarily exited the bank and sold five per cent of their holdings in a mega transaction as they sought better shareholder value elsewhere.
It was gathered that the off-market deal was executed at a fixed price of N31.00 per share on NGX as the lender’s stock price yesterday gained 9.9 per cent to close at N32.2 per share.