{"id":120851,"date":"2025-07-21T20:16:53","date_gmt":"2025-07-21T19:16:53","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=120851"},"modified":"2025-07-21T20:23:24","modified_gmt":"2025-07-21T19:23:24","slug":"agf-denies-fgs-role-in-alleged-first-bank-holdings-share-transfer","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/agf-denies-fgs-role-in-alleged-first-bank-holdings-share-transfer\/","title":{"rendered":"AGF Denies FG’s Role in Alleged First Bank Holdings Share Transfer"},"content":{"rendered":"
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By Lizzy Chirkpi<\/div>\n
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The Office of the Attorney General of the Federation (AGF) has denied reports claiming that the Federal Government acquired a 25 per cent stake in First Bank Holdings (First Holdco), dismissing the assertions as inaccurate, misleading, resentful, and malicious.<\/div>\n
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This rebuttal follows a controversial report published by ThisDay Newspaper on July 17, 2025, and later aired by Arise TV, suggesting that a quarter of First Holdco\u2019s shares had been transferred to a trustee on behalf of the Nigerian government.<\/div>\n
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The story quickly stirred public speculation over potential government involvement in the private banking sector, with implications for financial autonomy and corporate governance.<\/div>\n
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However, in a firm response issued on July 18, 2025 by the Special Assistant to the President on Communication and Publicity in the Office of the AGF,\u00a0Kamarudeen Ogundele, the Federal Government\u00a0categorically dismissed the claims.<\/div>\n
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\u201cNeither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,\u201d the statement read.<\/div>\n
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According to the AGF\u2019s office, the actual situation involves a trustee arrangement independently initiated by First Holdco, which was approved by the Central Bank of Nigeria (CBN). Under this arrangement, Stanbic IBTC was appointed as a third-party trustee, not as a representative of the government.<\/div>\n
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The statement emphasised that the shareholding structure of First Holdco remains devoid of any form of government ownership or control and urged media houses to uphold journalistic integrity by verifying facts before publication.<\/div>\n
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\u201cWe urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,\u201d Ogundele cautioned.<\/div>\n
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He further assured Nigerians that the Tinubu administration remains committed to the Rule of Law, justice, accountability, transparency, and national service.<\/div>\n
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The clarification comes at a time when Nigeria\u2019s financial sector is under close public scrutiny, with investors and stakeholders demanding greater transparency and independence in corporate governance, especially in institutions as influential as First Bank.<\/div>\n
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First Bank Holdings, a major player in Nigeria\u2019s banking landscape, has undergone a series of ownership shifts and regulatory interventions in recent years. As such, any indication of government interference in real or perceived tends to trigger public concern and investor sensitivity.<\/div>\n
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With this official denial, the AGF\u2019s office hopes to douse the flames of misinformation and restore confidence in the non-partisan regulation of Nigeria\u2019s financial institutions.<\/div>\n
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