…Company Alleges Malicious Intent Behind Media Reports
The attention of the Board and Management of First HoldCo Plc has been drawn to the deliberate misrepresentation of facts and gross unprofessional conduct demonstrated by ThisDay Newspaper of July 17, 2025, and Arise TV on the recent off-market block trading of First HoldCo Plc shares on the floor of the Nigerian Exchange Limited (NGX).
First HoldCo Plc expresses its embarrassment and disappointment at the wilful and sensational distortion of facts by both ThisDay Newspaper and Arise TV following the movement witnessed in the market on Wednesday, July 16, 2025, when a total of 10.4 billion units of shares in off-market block trading took place on the floor of the Nigerian Exchange Limited (NGX).
This action was done with deliberate malicious intent to cast First HoldCo Plc in a bad light and continue to create confusion and panic amongst our esteemed stakeholders.
We also wish to categorically state that Mr. Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, neither did the Federal Government of Nigeria, its agencies, and the Hon. Attorney of the Federation participate in the acquisition of the shares in question.
The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all the parties involved. This was done to ensure continuous stability of this important national franchise.
The shares have been sold to an independent trust with no benefit accruing to both the holder and the company in trust.
Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed core and at the heart of the tenets of journalism.
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