First Bank Share Shakeup Sparks Uproar! FG Breaks Silence, Denies Any Involvement

The Federal Government has firmly denied any involvement in the alleged acquisition of a 25% stake in First Bank Holdings (First Holdco), describing the circulating reports as false, malicious, and deliberately misleading.

According to iReporter Online, the government’s clarification follows claims aired by a national television station and a print outlet, alleging that the Federal Government played a role in acquiring significant shares in the financial institution.

In an official statement released by Kamarudeen Ogundele, the Special Assistant to the President on Communication and Publicity in the Office of the Attorney General of the Federation and Minister of Justice, the government emphasized that neither it nor the Attorney General had any hand in the transaction. The statement categorically dismissed the report as “inaccurate, misleading, resentful, and malicious,” noting that the public deserves clarity to avoid misconceptions surrounding the ownership structure of First Holdco.

According to iReporter Online, Ogundele explained that while the Central Bank of Nigeria approved Stanbic IBTC as a third-party trustee for the shareholding arrangement, the Federal Government had no stake or operational input in the process. He stated that the trusteeship was initiated independently by First Holdco and that the involvement of Stanbic IBTC had regulatory backing from the CBN—not from the Office of the Attorney General or any federal body.

The government also used the opportunity to urge media platforms to exercise responsibility in their reporting, warning that the spread of unverified or politically motivated stories could lead to legal consequences. According to iReporter Online, the presidency emphasized the importance of professionalism and fact-checking in the media space to protect the integrity of public discourse and prevent unwarranted panic.

Reaffirming its stance, the statement concluded with a commitment by President Bola Ahmed Tinubu’s administration to the rule of law, transparency, equity, and national service. The Federal Government stressed that it remains focused on promoting good governance and will not be distracted by baseless allegations that seek to undermine public trust in its operations or in the financial sector.

”IREPORTER REPORTS”