The Attorney General of the Federation, Lateef Fagbemi, SAN, has denied allegations that the Federal Government was involved in the recent acquisition of approximately 25 per cent of FirstHoldCo’s shares, valued at over N323 billion.
The reports had suggested that the transaction was facilitated through a Federal Government-backed Special Purpose Vehicle (SPV).
In a statement by Special Adviser on Communication and Publicity in the Office of the Attorney General of the Federation and Minister of Justice, Kamarudeen Ogundele, the Federal Government described the reports as “false, misleading, resentful, and potentially harmful”.
The statement clarified that Fagbemi and his office were neither part of nor privy to any share purchase arrangement.
The statement noted that while the government was aware of a trustee structure approved by the Central Bank of Nigeria (CBN), it had no direct affiliation with the arrangement.
According to the statement, RENCAP was designated by the CBN as an independent third-party overseer of this trustee arrangement.
In a separate statement, FirstHoldCo distanced both its Chairman, Femi Otedola, and the government from the deal.
The company stated that the Chairman 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.
According to the company, the buyer was RC Investment Management Ltd, a Special Purpose Vehicle associated with Renaissance Capital.
The block trade was executed off-market on the Nigerian Exchange (NGX) on July 16, 2025, involving 10.43 billion shares at N31 per share across 17 negotiated deals, culminating in a transaction value of N323.4 billion.
The deal represented approximately 25 per cent of the total outstanding shares of FirstHoldCo Plc.
The transaction marks the exit of Oba Otudeko, a long-time stakeholder and former key figure within FirstHoldCo and its predecessor entities.
