First HoldCo Denies Media Reports on Share Acquisition, Slams ThisDay and Arise TV for 'Malicious Distortion'

First HoldCo Plc has strongly refuted claims made by ThisDay Newspaper and Arise TV, accusing both media platforms of deliberate misrepresentation and unprofessional journalism regarding the recent off-market trading of its shares.

In a statement released on Monday, First HoldCo described the reports as “deliberately malicious”, alleging that the media outlets sought to tarnish its reputation and sow confusion among stakeholders.

The controversy followed an off-market transaction of 10.4 billion shares on July 16, 2025, on the floor of the Nigerian Exchange Limited (NGX), sparking speculation about the identities of the new shareholders.

No Involvement of Otedola or FG

First HoldCo categorically denied that billionaire businessman Femi Otedola or any Nigerian government agencies were involved in the transaction. The company also clarified that neither the Attorney General of the Federation (AGF) nor the Federal Government played any role in the share acquisition, countering claims made by the media reports.

“We categorically state that Mr. Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, neither did the Federal Government of Nigeria, its agencies, or the Honourable Attorney General of the Federation participate in the acquisition,” the company stated.

First HoldCo stressed that the transaction was transparent, regulator-supervised, and conducted with the consent of all involved parties.

Media Owner’s Indebtedness

In a sharp rebuttal, the company indirectly referenced Nduka Obaigbena, owner of ThisDay and Arise TV, urging him to focus on repaying debts allegedly owed to FirstBank rather than misinforming the public.

“We urge the proprietor of both ThisDay and Arise TV to focus on paying back the indebtedness of his company – General Hydrocarbons Ltd to FirstBank – rather than negatively channeling his energies towards vilifying the FirstHoldCo Group,” the statement read.

Background to the Share Movement

The statement comes amidst heightened scrutiny over First HoldCo’s ownership restructuring, particularly after an off-market transaction worth ₦324.47 billion saw the transfer of 10.47 billion shares.

The shakeup followed the exit of Oba Otudeko, the former chairman of First HoldCo, who was allegedly compelled to sell over 20% of his holdings after intense shareholder disputes and regulatory concerns. Additionally, the Hassan-Odukale family, another major shareholder, voluntarily exited by selling a 5% stake.

Clarification from AGF's Office

Last week, the Attorney General of the Federation, Lateef Fagbemi SAN, also denied reports that the Federal Government acquired a 25% stake in First HoldCo, labelling such claims as “inaccurate, misleading, and malicious.”

The AGF’s office explained that a trustee, approved by the Central Bank of Nigeria (CBN), was appointed as a third-party overseer in the shareholding structure, not as a representative of the Federal Government.

First HoldCo’s Call for Responsible Journalism

First HoldCo urged ThisDay and Arise TV to uphold professional standards in journalism, emphasizing the need for fairness, objectivity, and fact-checking before publishing reports that could potentially harm public confidence.

“We advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public,” the statement concluded.

Market Impact

Following the off-market transaction, First HoldCo shares surged by 9.9%, closing at ₦32.2 per share on the NGX. The ₦31 per share deal reflects significant investor interest in the company despite ongoing governance debates.