The Office of the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has strongly refuted recent media reports suggesting that the Federal Government owns or holds a controlling stake in First Bank Holdings PLC. In a statement issued today, the Attorney-General's Office described the claims as "malicious, misleading, and deliberately crafted to misinform the public."
According to the official statement, there is no factual or legal basis to the suggestion that the Federal Government, under any guise or through any agency, holds ownership or exerts control over First Bank Holdings or its board decisions. The statement clarified that the bank operates as a private financial institution, governed by the rules and regulations of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and other relevant regulatory bodies.
“These claims are not only false but also appear calculated to cause unwarranted confusion in the financial markets and to undermine public trust in Nigeria's corporate governance institutions,” the statement read. “For the avoidance of doubt, the Federal Government has no ownership stake or influence over the decisions or operations of First Bank Holdings PLC.”
The Attorney-General's Office emphasized that while the government has a constitutional obligation to ensure regulatory compliance and uphold the rule of law across all sectors, it has not taken over, nor is it involved in, the management of First Bank Holdings or any of its subsidiaries.
The controversy emerged following speculative reports in some media outlets alleging that the Federal Government, through covert legal maneuvers or proxy interests, had assumed ownership of First Bank Holdings. These reports have now been dismissed by the Office of the Attorney-General as baseless and harmful.
“We urge members of the press and the general public to exercise caution and verify facts from appropriate sources before disseminating information capable of damaging reputations or destabilizing institutions,” the statement continued. “The Ministry of Justice remains committed to transparency, due process, and protecting the integrity of Nigeria’s economic and legal frameworks.”
The Office also reassured investors, stakeholders, and the public that it continues to support a fair and competitive financial environment, and that no interference—political or otherwise—would be permitted in the operations of duly registered private entities.
This clarification comes at a time when financial markets remain sensitive to perceived political interference and instability. The Attorney-General's rebuttal aims to restore public confidence and assure stakeholders of the government’s non-involvement in corporate matters beyond its regulatory oversight role.