The Federal Government has dismissed reports suggesting it owns a 25% stake in FBN Holdings Plc, the parent company of First Bank.
Kamarudeen Ogundele, spokesperson for the Attorney General of the Federation, issued a statement clarifying that the government had no part in acquiring any shares linked to the banking group.
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” he said.
He explained that the trustee arrangement being referenced was independently created by First Holdco and approved by the Central Bank of Nigeria.
According to Ogundele, Stanbic IBTC was appointed as a neutral third-party manager, a setup that has no government involvement.
His response follows media reports suggesting that the FG may have taken quiet control of a significant portion of the bank’s shares. Ogundele described such reports as “inaccurate” and “misleading,” urging journalists to fact-check before publishing.
He warned that false reports could distort public understanding of First Holdco’s governance.
The government reiterated its commitment to transparency, rule of law, and due process in all matters of national interest.
