Nigeria, July 21 -- First HoldCo Plc has issued a strongly worded statement condemning ThisDay Newspaper and Arise TV for what it described as a deliberate misrepresentation of facts surrounding a recent off-market block trade involving 10.4 billion shares of the company on the Nigerian Exchange Limited (NGX).

In a statement released by its management, the financial holding company expressed "embarrassment and disappointment" at what it called the "wilful and sensational distortion of facts" in reports by both media platforms following 16 July 2025 transaction.

According to First HoldCo, contrary to claims made in the reports, neither billionaire investor Femi Otedola nor the Federal Government of Nigeria or any of its agencies-includin...