First HoldCo Plc has lashed out at recent reports by Arise TV and ThisDay Newspaper over their coverage of a N323.4 billion block trade involving the company’s shares, accusing both platforms of “deliberate misrepresentation” and “grossly unprofessional conduct” aimed at inciting panic.
The response comes after a flurry of media speculation surrounding the off-market transaction executed on July 16, 2025. The deal, one of the largest in the history of the Nigerian Exchange (NGX), involved 10.43 billion shares of First HoldCo sold at N31 per share across 17 negotiated trades.
While the transaction itself was legitimate and regulator-supervised, reports from Arise and ThisDay reportedly framed it as a veiled takeover involving billionaire businessman and First HoldCo chairman, Femi Otedola, and possibly the Nigerian government — an angle the company has firmly denied.
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In a statement issued Monday, First HoldCo made it clear that Mr. Otedola was neither the buyer nor a beneficiary of the shares in question. It also stated unequivocally that the Federal Government of Nigeria and the Office of the Attorney General were not parties to the transaction.
“The shares were acquired by an independent bridge holder, and the process was transparent, supervised by regulators, and devoid of any undue influence,” the company said. “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 involved.”
The company noted that the misinformation appeared calculated to destabilize its operations and undermine shareholder confidence, especially given the strategic importance of the transaction in shaping its future governance and ownership structure.
Attorney General’s Office Also Debunks Report
Backing the company’s position, the Office of the Attorney General of the Federation issued its own rebuttal through Kamarudeen Ogundele, Special Adviser on Communication and Publicity. Ogundele described the reports suggesting government involvement as “false, misleading, resentful, and potentially harmful.”
According to him, Attorney General Lateef Fagbemi was not involved in any share dealings related to First HoldCo. While the Federal Government was aware of the transaction framework — including a trustee structure approved by the Central Bank of Nigeria (CBN) and overseen by RENCAP — it played no active role in the deal.
“This falsehood must be corrected to prevent confusion or misconceptions about First HoldCo’s ownership and governance,” Ogundele said, reiterating the independence of the buyer and the non-participation of the government.
The statement by First HoldCo also included a direct jab at the owner of both ThisDay and Arise TV, suggesting ulterior motives behind the coverage. The company hinted at unresolved debt issues involving General Hydrocarbons Ltd — a company linked to the media group’s founder — and FirstBank, which is part of the HoldCo group.
“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,” the statement said.
The company also used the opportunity to call for stronger adherence to journalistic ethics, urging media platforms to prioritize fairness, objectivity, and fact-checking.
Strategic Reshuffle in the Shadows
While First HoldCo insists the trade does not signal a hostile takeover, the sheer volume and value of the shares — totaling N323.4 billion — have reignited talk of a potential leadership transition or capital restructuring. Notably, the transaction represents the formal exit of Oba Otudeko, a founding figure in the group’s evolution and a former heavyweight shareholder.
Otudeko’s exit, combined with the influx of new shareholding under a trustee structure, suggests significant behind-the-scenes reconfiguration of the HoldCo’s influence map, with implications for future board appointments, strategy realignment, and shareholder activism.
As one of the largest off-market block trades ever recorded on the NGX, the deal underscores First HoldCo’s continued position as a high-stakes player in Nigeria’s corporate ecosystem — and a lightning rod for speculation. Time will tell whether the current furor settles or triggers further disclosures in the weeks ahead.