The Attorney General of the Federation, Lateef Fagbemi, has denied the Federal Government’s involvement in the recent acquisition of approximately 25 per cent of FirstHoldCo’s shares, valued at over ₦323 billion.
The statement followed media reports alleging that the transaction was facilitated through a Federal Government-backed Special Purpose Vehicle (SPV).
Several social media and online platforms had reported that a trustee acting on behalf of the Federal Government under the supervision of the Attorney General’s office and the Central Bank of Nigeria (CBN) had facilitated the share acquisition.
However, a rebuttal statement by Special Adviser on Communication and Publicity in the Office of the Attorney General of the Federation and Minister of Justice, Kamarudeen Ogundele, FG, 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 Fagbemi and his office were neither part of nor privy to any share purchase arrangement.
The statement further noted that while the government was aware of a trustee structure approved by the CBN, it had no direct affiliation, adding that RENCAP was designated by the CBN as an independent third-party overseer of this trustee arrangement.
The reports had noted that RC Investments Ltd, the SPV linked to Renaissance Capital, was the actual acquirer.
In a separate statement credited to FirstHoldCo, signed by Company Secretary Adewale Arogundade, it distanced both its Chairman and the government from the deal.
“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 the company, the sellers were Barbican Capital Limited & affiliates linked to longstanding shareholder Oba Otudeko, and Leadway Group & affiliates. The buyer was confirmed as 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 ₦31 per share across 17 negotiated deals, culminating in a transaction value of ₦323.4 billion. This deal represents approximately 25 per cent of the total outstanding shares of FirstHoldCo Plc.
The transaction officially marks the exit of Oba Otudeko, a long-time stakeholder and former key figure within FirstHoldCo and its predecessor entities.
