By Our Reporter
The editors of THISDAY and ARISE Media Group have raised concerns over what they describe as attempts by First HoldCo Plc to discredit their organization following reports on the company’s recent share acquisition transactions. In a statement on Wednesday, the media group emphasized its constitutional right to report facts, ask legitimate questions, and hold powerful institutions accountable in the public interest.
The dispute stems from media reports concerning First HoldCo Plc’s off-market transaction involving 10.4 billion shares valued at N324.47 billion, executed on July 16, 2025. The transaction, which significantly impacts ownership structure in one of Nigeria’s largest financial institutions, has attracted public scrutiny over the adequacy of disclosures made to regulators and the investing public.
THISDAY and ARISE, along with other Nigerian media outlets, have reported on the implications of this transaction, particularly regarding compliance with Nigerian Exchange Limited (NGX) rules, Securities and Exchange Commission (SEC) regulations, and provisions of the Bank and Other Financial Institutions Act (BOFIA) 2020. These regulations mandate full, frank, and timely disclosure of material transactions, beneficial ownership structures, and related-party dealings to ensure transparency in Nigeria’s capital markets.
In their statement, the media group noted that other leading publications, including The Guardian, BusinessDay, Punch, MoneyCentral, and Daily Independent, have also reported on the transaction and raised similar questions about transparency and disclosure. Despite this, First HoldCo Plc has directed its complaints primarily at THISDAY and ARISE, accusing them of misrepresenting facts in their coverage.
“At the heart of our reports are legitimate questions grounded in Nigerian law and financial market regulations,” the editors said. “These include queries about the identity of the beneficial owners behind the trustee arrangement—referred to as a ‘Bridge Holder’—used in the transaction, the source of financing, and compliance with rules prohibiting banks from lending against their own shares.”
The media group emphasized that it is the constitutional responsibility of the press to seek clarity on matters of public interest, particularly when shareholder transactions have far-reaching implications for market confidence and financial stability. “Rather than addressing these issues transparently, it is unfortunate that First HoldCo Plc is responding with actions that could be seen as attempts to suppress the press,” the editors added.
THISDAY and ARISE also referenced discrepancies in disclosures made by First HoldCo Plc. While the company reportedly executed a transaction valued at N324.47 billion, it was noted that disclosures to the NGX reflected only N195 billion. Such inconsistencies, they argued, raise concerns over compliance with the disclosure obligations required under NGX listing rules and the SEC’s guidelines on material transaction reporting.
The media group clarified that its coverage of First HoldCo’s transaction is not adversarial but is driven by a duty to protect the integrity of Nigeria’s financial system. They called on First HoldCo Plc to provide full disclosures in line with regulatory requirements, rather than engage in actions that could intimidate the media or deter public scrutiny.
On the matter of General Hydrocarbons Ltd (GHL), which First HoldCo mentioned in its statement, THISDAY and ARISE refrained from further comment, noting that the legal proceedings involving First Bank and GHL are matters of public record. They emphasized their commitment to objective and fact-based reporting on all issues of public interest.
In conclusion, the editors of THISDAY and ARISE Media Group reaffirmed their resolve to uphold press freedom and journalistic integrity. They urged First HoldCo Plc to embrace transparency and accountability, which are essential to maintaining investor confidence and safeguarding Nigeria’s financial markets.