First HoldCo Plc has vehemently denied media reports claiming a N323.4 billion share acquisition involving its chairman, Femi Otedola, or the Federal Government, accusing Arise TV and ThisDay Newspaper of “deliberate misrepresentation” and “unprofessional” journalism. The controversy stems from a July 16, 2025, off-market transaction on the Nigerian Exchange Limited (NGX), where 10.43 billion shares were traded at N31 each across 17 deals.
In a statement issued Monday, First HoldCo condemned the reports as misleading and intended to damage its reputation. “We are deeply disappointed by the willful distortion of facts, which seems designed to incite panic among stakeholders,” the company stated. It clarified that neither Otedola nor any government entity, including the Attorney General, was involved in the transaction. Instead, an independent Bridge Holder executed the trade under a transparent, regulator-supervised process managed by RENCAP, ensuring market integrity.
The Federal Government echoed this stance, with Kamarudeen Ogundele, Special Adviser to the Attorney General, dismissing claims of government involvement as “false and potentially harmful.” He confirmed that Attorney General Lateef Fagbemi had no role in the deal, though the government was aware of a CBN-approved trustee structure overseeing the transaction.
First HoldCo also took aim at the media outlets’ proprietor, urging them to settle outstanding debts owed by General Hydrocarbons Ltd to FirstBank rather than spreading misinformation. The company called for journalistic integrity, emphasizing fairness and fact-checking.
The transaction marks the exit of Oba Otudeko, a significant figure in First HoldCo’s history, and ranks among the largest off-market trades on the NGX. It has sparked speculation about potential shifts in the company’s leadership and strategic direction, though First HoldCo insists the deal was routine and unrelated to corporate restructuring or governance changes.
The company’s strong rebuttal underscores its commitment to transparency and protecting stakeholder confidence amid intense media scrutiny. As discussions about the trade’s implications continue, First HoldCo has urged investors and the public to rely on verified information from official sources to avoid misconceptions about its operations and ownership structure.
