According to First HoldCo Plc, the federal government and its chairman, Femi Otedola, were not parties to the recent N323 billion block share acquisition agreement.
According to a statement released by First HoldCo’s company secretary, Adewale Arogundade, on Friday, RC Investment Management Limited purchased the shares.
Emergin revealed on Thursday that Tunde Hassan-Odukale, group managing director of Leadway Assurance, and Oba Otudeko, chairman of Honeywell Group, sold a combined 10 billion shares in First HoldCo’s block deal.
Later, some media outlets connected the purchase to Otedola and the federal government. The holding company, however, refuted the allegations in the statement.
The statement reads, “We wish to state that the Chairman of First HoldCo, Mr. Femi Otedola, did not purchase any of the shares in question, neither did the Federal Government of Nigeria or any of its agencies acquire the shares in trust,”
Barbican Capital Limited and its affiliates, as well as Leadway Group and its affiliates, were the sellers, according to the company. According to First HoldCo, the shares were purchased exclusively by RC Investment Management Limited.
Reports of shares being moved to a government trust vehicle were characterized as “inaccurate, misleading, and malicious” by the office of the federation’s attorney general and minister of justice in a separate statement.
The statement emphasized that neither the attorney general nor the Tinubu administration had any involvement in the acquisition. It was signed by Kamarudeen Ogundele, special assistant to the president on communication and publicity (0ffice of the AGF).
The statement reads, “We are compelled to respond to a publication… suggesting that 25% of First Bank Holdings shares were transferred to the Federal Government’s trustee
“The report is inaccurate, misleading, resentful and malicious. “The circumstances surrounding the shareholding structure are distinct from any government involvement.
“We urge the media to exercise restraint, professionalism, and due diligence in carrying out their duties to avoid violating the law.”
The public was reassured by the AGF of his dedication to advancing the rule of law, justice, equity, accountability, transparency, and national service.
The transaction statement was formally made available to investors on the Nigerian Exchange Limited (NGX) by First HoldCo on Friday.
