First HoldCo Slams Arise TV, ThisDay Over Share Trade Report — Clarifies Otedola, Government Had No Involvement

First Holdco PLC was unleashed in recent reports by Arise TV and Thisday Journals on their coverage of an exchange of 323.4 billion blocks involving the actions of the company, accusing the two platforms of “false deliberate” and “roughly non-professional conduct” aimed at encouraging panic.

The answer comes after a wave of media speculation surrounding the transaction outside the market executed on July 16, 2025. The agreement, one of the most important in the history of the Nigerian Stock Exchange (NGX), involved 10.43 billion shares of First Holdco sold to N31 by action on 17 negotiated transactions.

While the transaction itself was legitimate and supervised by the regulator, the reports of Arise and Thisday would have formulated it as a veiled takeover involving a billionaire businessman and president of the first Holdco, Femi Otedola, and perhaps the Nigerian government-an angle that the company firmly refused.

In a statement published on Monday, First Holdco clearly said that Mr. Otedola was neither the buyer nor a beneficiary of the actions in question. He also unequivocally declared that the federal government of Nigeria and the prosecutor’s office were not parties to the transaction.

“The actions were acquired by an independent holder, and the process was transparent, supervised by regulators, and devoid of any undue influence,” said the company. “M. FEMI OTEDOLA did not buy or resumed negotiated shares. The Federal Government of Nigeria, its agencies and the Attorney General were not involved. ”

The company noted that disinformation seemed to be calculated to destabilize its operations and undermine shareholders’ confidence, in particular given the strategic importance of the transaction to shape its future governance and property structure.

The prosecutor’s office has also demystified the report

Supporting the company’s position, the prosecutor’s office general of the Federation published its own refutation through Kamarudeen OGANDELE, Special Communication and Advertising Advisor. Ogundele described the reports suggesting government’s participation as “false, misleading, resentment and potentially harmful”.

According to him, the Attorney General Lateef Fagbemi was not involved in any transaction of actions linked to First Holdco. While the federal government was aware of the framework of transactions – including a trigger structure approved by the Central Bank of Nigeria (CBN) and supervised by Rencap – it did not play any active role in the agreement.

“This lie must be corrected to prevent the confusion or false ideas on the property and governance of First Holdco,” said Ogundele, reiterating the independence of the buyer and the non-participation of the government.

FIRST Holdco’s declaration also included a direct blow to the owner of Thotday and Arise TV, suggesting ulterior motives behind the coverage. The company alluded to unresolved debt problems involving General Hydrocarbons LTD – a company linked to the founder of the media group – and Firstbank, which is part of the Holdco group.

“We urge the owner of these media platforms to focus on the General Hydrocarbons Ltd debt rule in Firstbank, rather than channeling negative energy towards the diffusion of the first Holdco group,” the statement said.

The company also took advantage of the opportunity to call a solid adhesion to journalistic ethics, urging media platforms to prioritize equity, objectivity and verification of facts.

Strategic retoule in the shadows

While First Holdco insists that trade does not point out a hostile takeover, the volume and value of the shares – totaling 323.4 billion nairas – have rekindled a potential leadership transition or a capital restructuring. In particular, the transaction represents the formal outing of Oba Odudeko, a founding figure of the evolution of the group and a former shareholder of heavy goods vehicles.

The release of ODUDEKO, combined with the influx of new participations within the framework of a fiduciary structure, suggests a significant reconfiguration of behind the scenes of the Holdco influence card, with implications for future appointments of the board of directors, the realignment of the strategy and the activism of shareholders.

As one of the largest exchanges of out -of -market blocks ever recorded on the NGX, the agreement underlines the continuous position of First Holdco as a player with high issues in the Nigeria corporate ecosystem – and a lightning rod for speculation. Time will tell us if the current fury sets in or triggers other disclosure in the coming weeks.