bloomshorts AGF Denies FG’s Role in FirstHoldCo Share Acquisition
The Attorney General of the Federation, Lateef Fagbemi, has categorically denied any involvement by the Federal Government in the recent acquisition of about 25% of FirstHoldCo’s shares, a transaction valued at over ₦323 billion. This statement comes in response to circulating reports suggesting the deal was facilitated through a government-backed Special Purpose Vehicle (SPV).
Misinformation Debunked
Kamarudeen Ogundele, Special Adviser on Communication and Publicity, labeled the reports as “false, misleading, resentful and potentially harmful,” emphasizing the need to clarify the facts to avoid confusion regarding FirstHoldCo’s ownership and governance.
The Real Deal
Contrary to the rumors, the acquisition was carried out by RC Investment Management Ltd, an SPV linked to Renaissance Capital, with no ties to the Federal Government. The transaction, executed off-market on the Nigerian Exchange, involved 10.43 billion shares at ₦31 per share, totaling ₦323.4 billion.
Stakeholder Exit
This significant deal marks the departure of Oba Otudeko, a long-standing shareholder and former key figure in FirstHoldCo and its predecessor entities, from the company’s ownership structure.
