The Office of the Attorney General of the Federation (AGF) has denied reports claiming that the Federal Government acquired a 25 percent stake in First Bank Holdings (First Holdco), describing such reports as false, misleading and malicious.

In a statement on Friday by Special Assistant to the President on Communication and Publicity, Office of the AGF, Kamarudeen Ogundele, the Federal Government distanced itself from any involvement in the share acquisition, stating that neither the government nor the Attorney General played any role in the transaction.

“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s trustee. The report is inaccurate, misleading, resentful and malicious,” the statement reads.

The AGF’s office clarified that the ownership and governance of First Holdco remain a private matter, independent of any federal involvement. 

“The circumstances surrounding the shareholding structure are distinct from any government involvement,” it said.

According to the statement, while the Office is aware of a trustee arrangement set up by First Holdco, the Central Bank of Nigeria (CBN) had approved Stanbic IBTC to oversee the trustee as a third-party manager — not as a government proxy.

“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,” the statement emphasised.