First HoldCo denies N323 billion share buyout reports, clears Otedola and FG; slams Arise TV and ThisDay

First HoldCo Plc has blasted recent media claims about a major share acquisition, stressing that neither its chairman Femi Otedola nor the Federal Government took part in the massive deal on the Nigerian Exchange.

On July 16, 2025, more than 10.4 billion shares of First HoldCo changed hands in an off-market transaction worth about ₦323.4billion, executed in 17 negotiated trades at ₦31 per share. The blockbuster deal caught public attention and triggered widespread speculation about ownership changes and the future direction of one of Nigeria’s oldest financial groups.

First HoldCo reacted strongly to media reports from Arise TV and ThisDay Newspaper, labeling their coverage “a deliberate misrepresentation of facts” and “grossly unprofessional.” The company accused the news outlets of sensationalism designed to paint First HoldCo in a bad light and unsettle stakeholders.

“We are embarrassed and disappointed at the willful distortion of facts. The action appears calculated to cast First HoldCo Plc in a negative light and incite panic among stakeholders,” the company said.

First HoldCo made it clear the transaction did not involve Chairman Femi Otedola, the Federal Government, or any of its agencies.

“Mr. Femi Otedola did not buy or take over the traded shares. The Federal Government of Nigeria, its agencies, and the Attorney General were not parties to the acquisition,” the statement read.

The buyer was identified as an independent Bridge Holder, with no shares going back to the company itself.

Kamarudeen Ogundele, Special Adviser on Communication and Publicity for the Attorney General’s office, also denied the government’s involvement. In his words:

“The Office of the Attorney General of the Federation debunks this falsehood to prevent confusion or misconceptions about First HoldCo’s ownership and governance.”

Ogundele explained that although the government was aware of a trustee structure, approved by the Central Bank of Nigeria and managed by Renaissance Capital (RENCAP), it had no hand in the purchase. The trustee arrangement was set up only to manage the transaction, not to benefit any government body.

The trade represents the end of an era as Oba Otudeko, a founder and long-standing shareholder, officially exits the group. Tunde Hassan-Odukale, another major stakeholder, also sold out. The new shares are now held by RC Investment Management, a Renaissance Capital subsidiary.

With the dust settling, First HoldCo called on the media to stick to fair and accurate reporting and urged the proprietor of the platforms involved to settle outstanding debts owed to FirstBank.

For now, First HoldCo continues business as usual, looking to steady ground after one of the largest transactions in NGX history.