First HoldCo Denies N323bn Share Acquisition Claims, Accuses ThisDay/AriseTV of Misreporting

First HoldCo Plc has formally condemned recent media reports concerning a high-value block trade of its shares, labeling the coverage by Arise TV and ThisDay Newspaper as a “deliberate misrepresentation of facts” and “grossly unprofessional.” 

The off-market transaction, executed on the Nigerian Exchange Limited (NGX) on July 16, 2025, involved 10.43 billion shares sold at N31 per share across 17 negotiated deals, totaling approximately N323.4 billion.

The trade has since prompted speculation about corporate restructuring, governance shifts, and capital expansion plans.

In a strongly worded statement released Monday, First HoldCo expressed its disapproval of what it described as sensational and misleading reporting.

“We are embarrassed and disappointed at the willful distortion of facts by both ThisDay and Arise TV,” the company said. “The action appears calculated to cast First HoldCo Plc in a negative light and incite panic among stakeholders.”

The company clarified that neither its Chairman, Mr. Femi Otedola, CON, nor any federal entity, including the Attorney General of the Federation, was involved in the acquisition.

The transaction was conducted under a transparent, regulator-supervised process to uphold market integrity.

“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 parties to the acquisition,” the statement affirmed.

The buyer was identified as an independent Bridge Holder, with no benefit accruing to the company itself.

In a separate rebuttal earlier, Kamarudeen Ogundele, Special Adviser on Communication and Publicity in the Office of the Attorney General, dismissed reports alleging government involvement as “false, misleading, resentful, and potentially harmful.”

“The Office of the Attorney General of the Federation debunks this falsehood to prevent confusion or misconceptions about First HoldCo’s ownership and governance,” he said.

Ogundele clarified that Attorney General Lateef Fagbemi and his office had no role in any share purchase arrangement. Although the government was aware of a trustee structure approved by the Central Bank of Nigeria (CBN), it had no direct affiliation.

The trustee arrangement, overseen by RENCAP, an independent third party, was established solely to manage the transaction framework.

In a pointed remark, First HoldCo called on the proprietor of both ThisDay and Arise TV to address his company’s outstanding obligations.

“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 company also urged the press to uphold journalistic integrity through fairness, objectivity, and fact verification.

The transaction signifies the official exit of Oba Otudeko, a longtime stakeholder and key figure in First HoldCo’s history.

As one of the largest off-market trades in NGX’s history, it has reignited discussions about strategic shifts in the group’s leadership and long-term direction.