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Olugbemi. Adeyinka Ogunleye
1 month ago
Overview
First HoldCo Plc Condemns Misrepresentation Of Facts By ThisDay And Arise TV
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.”
No Government or Otedola Involvement, Company Says
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.
