Economy
FG denies acquiring stake in First Bank Holding shares
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The Federal Government on Friday distanced itself from claims that it acquired 25 per cent of FBN Holdings Plc, First Holdco, saying neither the government nor the justice ministry “participated in acquiring the shares in question.”
“Neither the Federal Government of Nigeria nor the Attorney General of the Federation and Minister of Justice participated in acquiring the shares in question,” said the Special Adviser on Communication and Publicity to the Attorney‑General, Kamarudeen Ogundele, in a statement he signed Friday titled.
The statement is titled “AGF denies FG’s involvement in First Holdco Share Acquisition.”
Ogundele argued that First Holdco itself created a trustee structure approved by the Central Bank of Nigeria, with Stanbic IBTC appointed as an independent third-party manager, and that this arrangement “is distinct from any government involvement.
“We are compelled to respond to a publication by ThisDay Newspaper of July 17, 2025, and Arise TV suggesting that 25% of First Bank Holdings (First Holdco) shares were transferred to the Federal Government of Nigeria’s trustee.
“The report is inaccurate, misleading, resentful and malicious. The Office of the Attorney General of the Federation and Minister of Justice debunks this falsehood to prevent confusion or misconceptions about First Holdco’s ownership and governance,” the statement read.
The FG said the circumstances surrounding the shareholding structure were distinct from its involvement.
However, it acknowledged being aware of a trustee set up by the First Holdco, with the CBN approving Stanbic IBTC to oversee it as a third party.
It urged news outlets “to exercise restraint, professionalism and due diligence,” warning that such inaccuracy could distort perceptions of the bank’s ownership and governance.
“We assure the public of continuous commitment to the promotion of the Rule of Law, Justice, equity, accountability, transparency and service to the nation by the administration of President Bola Ahmed Tinubu,” it concluded.
Friday’s statement follows a ThisDay newspaper article and an Arise TV segment that suggested the FG had quietly taken a quarter‑stake in Nigeria’s oldest banking group.
First Holdco’s share register has been closely watched since 2021, when billionaire Femi Otedola accumulated a five per cent holding, triggering a board shake‑up months after the CBN had sacked First Bank’s directors over insider loan breaches.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 28th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 28th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1393 and buy at ₦1385 on Thursday, 28th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1393
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1376
Lowest Rate ₦1374
The Black Market Dollar-to-Naira Exchange Rate for 26th May 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 26th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11395 and buy at ₦1385 on Tuesday, 26th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1377
Lowest Rate ₦1373
Nigeria’s Gross Domestic Product, GDP, grew by 3.89 percent in real terms in the first quarter of 2026, as the non-oil sector accounted for 96.08 percent.
The National Bureau of Statistics, NBS, disclosed this in its GDP report for Q1 2026 released on Monday.
The Q1 GDP figure is higher than the 3.13 percent recorded in the similar period in 2025.
Details of the report showed that nominal GDP stood at N110.79 trillion, while in real terms it is N51.26 trillion as of Q1 2026.
NBS further said that the services sector contributed more to the aggregate GDP at 57.73 percent in the period under review.
However, when compared to the fourth quarter of 2025, the country’s GDP slowed by 0.10 percent.
“Gross Domestic Product grew by 3.89 percent (YoY) in real terms in Q1 2026, higher than the 3.13 percent recorded in Q1 2025.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73%,” NBS stated.
The report showed that the oil sector contributed 3.92 percent while the non-oil sector accounted for 96.08 percent.
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