First HoldCo Plc has criticised recent reports by Arise TV and ThisDay Newspaper over the company’s recent high-value block trade on the Nigerian Exchange Limited (NGX). The financial services group described the media reports as a “deliberate misrepresentation of facts” and “grossly unprofessional.”
The transaction in question took place on July 16, 2025, and involved the sale of 10.43 billion shares of First HoldCo Plc at N31 per share. The negotiated deal, carried out across 17 off-market transactions, was worth about N323.4 billion. Since then, there has been widespread speculation suggesting that the transaction signalled a major corporate restructuring, changes in governance, or an impending capital expansion within the group.
In a statement released on Monday, First HoldCo Plc expressed strong disapproval of the media coverage, describing it as both “sensational and misleading.” The company said it was “embarrassed and disappointed” by what it called the willful distortion of facts by the two media outlets. According to the statement, the reports appeared to have been crafted to tarnish the company’s image and stir unnecessary panic among stakeholders, including investors and customers.
First HoldCo took the opportunity to clarify that neither its Chairman, Mr. Femi Otedola, CON, nor any government entity, including the Office of the Attorney General of the Federation, had any involvement in the share acquisition. The company emphasised that the off-market trade was conducted transparently under regulatory supervision to ensure compliance with market rules and integrity.
The statement reads: “Mr. Femi Otedola did not buy or take over the traded shares. The Federal Government of Nigeria, its agencies, and the Attorney General of the Federation were not parties to the acquisition. The buyer is an independent Bridge Holder, and the company did not benefit directly from the transaction.”
In response to the misinformation, Kamarudeen Ogundele, Special Adviser on Communication and Publicity in the Office of the Attorney General, also issued a rebuttal. He described the reports linking the federal government to the transaction as “false, misleading, resentful, and potentially harmful.” Ogundele clarified that neither the Attorney General, Mr. Lateef Fagbemi SAN, nor his office played any role in the transaction.
Ogundele further explained that while the government was aware of the trustee structure approved by the Central Bank of Nigeria (CBN), it was not directly involved in the transaction. The trustee arrangement was managed by RENCAP, an independent third party, specifically set up to guide the structure and management of the trade.
Adding a sharp remark to its statement, First HoldCo challenged the owner of ThisDay Newspaper and Arise TV to settle outstanding debts owed to FirstBank. The company said, “We urge the owner of these media platforms to focus on settling General Hydrocarbons Ltd’s debt to FirstBank, rather than channeling negative energy toward vilifying the First HoldCo Group.”
First HoldCo Plc also urged the media to uphold ethical standards in journalism by ensuring fairness, objectivity, and verification of facts before publication. The group expressed concern that misleading reports could damage reputations and distort market perception.
The transaction has marked a significant shift in the ownership structure of First HoldCo, as it officially confirmed the exit of Oba Otudeko, a longstanding stakeholder and a notable figure in the company’s history. Otudeko’s departure from the group comes after several years of being associated with the financial services provider.
Market analysts view the transaction as one of the largest off-market trades recorded on the NGX in recent history. It has reignited discussions within the financial sector about potential changes in the group’s leadership and strategic direction in the long term. However, First HoldCo has not provided any official statement on possible changes to its governance or capital structure following the trade.
