The Federal Government of Nigeria and billionaire businessman, Femi
Otedola, the Chairman of FirstHoldCo Plc, have both denied any role in the recent acquisition of roughly 25% of the company’s shares—an investment worth over ₦323 billion.

Their denials come in response to media reports claiming the transaction was executed through a government-backed Special Purpose Vehicle.

Several online platforms had alleged that a trustee, reportedly acting on behalf of the federal government under the oversight of the Attorney General’s office and the Central Bank of Nigeria, facilitated the purchase.

According to those reports, the shares were to be held in trust pending decisions around FirstBank’s recapitalisation in line with the CBN’s new capital requirements.

How, the Special Adviser on Communication and Publicity to the Attorney General of the Federation, Kamarudeen Ogundele, described the reports as “false, misleading, resentful, and potentially harmful.”

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

He clarified that Attorney General Lateef Fagbemi and his office had no involvement in, nor knowledge of, any share purchase deal.

The statement added that although the government was aware of a trustee structure approved by the CBN, it was not directly connected to it. It further explained that RENCAP was appointed by the CBN as an independent third-party to oversee the trustee arrangement.

Meanwhile, in a separate statement signed by Company Secretary Adewale Arogundade, FirstHoldCo also distanced both its Chairman and the federal government from the high-profile share acquisition.

“The Chairman of FirstHoldCo, Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria or any of its agencies acquire the shares in trust,” the statement read.

According to FirstHoldCo, the sellers in the transaction were Barbican Capital Limited and its affiliates—linked to longtime shareholder Oba Otudeko—as well as Leadway Group and its affiliates.

The buyer was identified as RC Investment Management Ltd, a Special Purpose Vehicle affiliated with Renaissance Capital.

The off-market block trade was executed on the Nigerian Exchange on July 16, 2025, involving 10.43 billion shares at ₦31 per share across 17 negotiated deals, totaling ₦323.4 billion.

The transaction represents roughly 25% of FirstHoldCo Plc’s total outstanding shares.

Following the announcement, FirstHoldCo’s share price rose to ₦32.20 per share, marking a week-on-week gain of over 20% as investors responded to the perceived institutional interest and prospects of governance or strategic changes.

The transaction also signifies the formal exit of Oba Otudeko, a longstanding shareholder and former influential figure in FirstHoldCo and its predecessor institutions.