Tinubu’s AGF breaks silence: “We didn’t touch First Holdco shares”

By Kazeem Ugbodaga

The Office of the Attorney General of the Federation (AGF) and Minister of Justice has strongly denied claims that the Federal Government acquired a 25% stake in First Bank Holdings (First Holdco), dismissing recent media reports as “inaccurate, misleading, resentful and malicious.”

In a statement issued by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the AGF’s office, the government categorically rejected assertions made by ThisDay Newspaper and Arise TV that First Holdco shares were transferred to a government trustee.

“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 statement read.

The AGF’s office clarified that the Federal Government had no role in the ownership or governance of First Holdco, emphasizing the need to correct the public record.

“The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance,” Ogundele added.

While the statement acknowledged the existence of a trustee associated with First Holdco, it explained that this arrangement was entirely independent of the government.

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

Calling on the media to act responsibly, the AGF’s office urged journalists and media outlets to exercise greater professionalism and accuracy in reporting sensitive financial matters.

“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law,” the statement warned.

The AGF also reaffirmed the current administration’s commitment to legal integrity and transparency.

“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu,” Ogundele concluded.

This statement comes amid ongoing scrutiny of corporate governance and transparency in Nigeria’s financial sector.