The Boards of Editors of THISDAY-ARISE Media Group have condemned what they describe as an orchestrated campaign of intimidation and falsehoods by First HoldCo Plc, alleging that the financial holding company is attempting to silence legitimate journalism and evade regulatory scrutiny over a controversial N324.47 billion share transaction.
In a strongly worded press statement issued on Monday, the media group said First HoldCo, through a sponsored post in several publications, made “false claims of misrepresentation of facts” in an effort to undermine constitutionally protected press freedom.
“This is an attempt to trample on our constitutionally guaranteed free speech and the freedom of the press as the Fourth Estate of the Realm,” the statement read, citing Section 39 of the 1999 Constitution, which guarantees the right to freedom of expression and the press.
The controversy centres on an off-market sale of 10.4 billion shares valued at N324.47 billion executed by First HoldCo Plc on Wednesday, 16 July 2025. According to THISDAY and ARISE, the transaction raises significant red flags and violates several provisions of Nigerian financial laws and disclosure regulations.
“First HoldCo Plc… has brazenly affronted Laws and Regulations of the Federal Republic of Nigeria put in place for good governance and transparency,” the statement said, pointing to breaches of rules set by the Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and the Bank and Other Financial Institutions Act (BOFIA) 2020.
Among the specific violations cited are the failure to disclose the identity of the beneficial owner, the use of a trustee or “bridge holder” to obscure share ownership, and a discrepancy in declared transaction value—with N324.47 billion reported off-market, but only N195 billion disclosed on the NGX.
The media organisations questioned the legality of the funding source, stating: “Who is this bridge holder? How much are they holding? Who provided the funds which markets are claiming to be First Bank’s? Can they deny or confirm this?”
They also cited Section 65 of BOFIA, which prohibits banks from financing the purchase of their own shares. “Any funding or financing arrangement involving the purchase of First HoldCo shares using credit from FirstBank would violate this section,” the statement said.
The press statement further noted that other Nigerian media outlets—including The Guardian, BusinessDay, MoneyCentral, Punch, and Daily Independent—had also reported on the transaction without receiving similar backlash, raising questions about First HoldCo’s motives.
“So, why is First Holdco Plc singling out ARISE and THISDAY media groups for such intimidation in an attempt to gag the press and evade accountability?” the editors asked. “The Nigerian media has only asked these questions because First Bank has not complied with Nigerian laws and regulations regarding full disclosure.”
The media houses defended their reports by pointing to First HoldCo’s own admission of using a “bridge holder,” which was later confirmed to be Stanbic IBTC Bank. They argued that this corroborated their findings and underlined the need for transparency in line with Nigerian laws.
The statement also addressed First HoldCo’s attempt to link the matter with an unrelated transaction involving General Hydrocarbons Ltd (GHL), which they described as a deflection.
“First Holdco refers to an unrelated transaction by a related entity: General Hydrocarbons Ltd claiming falsely that it’s being owed,” they stated. “First Bank used GHL assets to secure its loan of $400m from AMCON and has not paid… FBN went to court 3 times… and lost all three cases to GHL.”
Reiterating their constitutional right and professional responsibility to investigate such matters, the media group said: “It is the constitutional duty of the media to ask questions. And that is what we are asking. So instead of hiding and trying to intimidate the press… what we require is full disclosure from First Bank in line with Nigerian laws for market confidence.”
The statement concluded with a call for accountability and transparency.
Ozioma Samuel-Ugwuezi
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