Otudeko exit: AGF denies involvement in shares acquisition, admits trustee set up by First Holdco

The Attorney General of the Federation (AGF) on Friday denied involvement in the acquisition of First Holdco Plc shares from the former its Chairman, Mr. Oba Otudeko on the Nigerian Exchange Limited (NGX).

The S A to the President on Communication and Publicity, Office of the Attorney General of the Federation and Minister of Justice,  Kamarudeen Ogundele, in a statement obtained by WESTERN POST stated that the government was compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25per cent of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s (FGN) trustee.

THISDAY had reported that Otudeko shares were actually acquired by a trustee,a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.

According to THISDAY report, the trustee was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.

According to report obtained by WESTERN POST, Otudeko in offloaded a total of 7,786,641,500 shares at N31.00 per share valued at N241.3 billion, while Mr. Tunde Hassan-Odukale, the group managing director of Leadway Assurance, sold 2,288,798,807 shares worth N70.8 billion at a price of N31.00 per share.

Responding, the statement from the AGF stated that the report by THISDAY is inaccurate, misleading, resentful and malicious.

The statement, however, admitted that the government is aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.

It added that, “Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question.

“The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance.

“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.

“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu,” the statement addeed.