Misinformation Fallout: First HoldCo Rejects ₦323 Billion Block Trade Allegations

First HoldCo Plc has rejected recent reports suggesting that a massive ₦323.4 billion block trade of its shares was connected to a takeover or government-backed acquisition. The company described the media coverage of the transaction as inaccurate and unprofessional.

The large-volume transaction, which took place off-market on the Nigerian Exchange Limited on July 16, 2025, involved the sale of 10.43 billion shares at ₦31 each, spread across 17 negotiated deals. This triggered speculation about a potential restructuring of the company’s leadership or ownership.

In a public statement, the financial services group criticized the coverage, saying it was designed to mislead the public and provoke unwarranted concern among investors.

“We are appalled by the intentional misrepresentation of facts. Such reporting is reckless and aimed at causing reputational harm,” the statement noted.

The company made it clear that neither its Chairman, Femi Otedola, nor any branch of the federal government, including the Attorney General’s office, participated in the transaction. It clarified that the purchase was executed by a third-party institutional investor acting independently, under the oversight of market regulators.

In a separate response, a spokesperson from the Attorney General’s office also denied any involvement in the deal, stressing that the government neither influenced nor took part in the share acquisition. The spokesperson explained that while the Central Bank of Nigeria had approved a trustee structure to oversee the process, no state entity had any direct or indirect affiliation with the transaction.

First HoldCo further called out the owner of the media platforms that published the reports, urging him to address outstanding corporate debts rather than using his media outlets to spread unfounded claims.

The company emphasized the need for responsible journalism, urging reporters to rely on verified facts and avoid sensationalism.

This high-value trade also marks the exit of Oba Otudeko, a prominent shareholder and long-standing figure within the group’s history. The development has sparked fresh discussions around the company’s evolving governance structure and its future direction in the financial services sector.