A gavel. File photo
We are Whistleblowers. We, Stockbrokers licensed by the Security and Exchange Commission (SEC) of the Federal Ministry of Finance, are making these statements under the Whistleblower Policy of the Federal Ministry of Finance, the various legislations under the Independent Corrupt Practices Commission (ICPC) Act, and other legislations in Nigeria which protect the identity of Whistleblowers from reprisals in order to freely share information to aid the fight against corruption and misconduct in the Stock Exchanges of the Federal Republic of Nigeria, and ensure market integrity.
With the above preamble, we make the following statements to be released to the Nigerian Media in order to ensure openness, transparency and full investigations.
The Media are encouraged to have their independent investigations of the assertions:
1. As Stockbrokers, we are privy to the transactions of Justice Kumai Bayang Akaahs (JSC, RTD) especially as it relates to his shares in FIRSTHOLDCO PLC, where First Bank of Nigeria Limited is the main subsidiary.
2. We are aware and hereby report that on the 7th of April 2025, he purchased 148,888 Units of shares of FIRSTHOLDCO PLC, bringing his total holdings of FIRSTHOLDCO to 595,057 Units.
3. The said Justice Kumai Bayang Akaahs (JSC, RTD) also owns shares in the following quoted companies:
| INVESTORS NAME | AKAAHS KUMAI BAYANG |
| HOUSE NAME | WITHHELD |
| ACCOUNT NUMBER | XXXXXXX |
| CLEARING HOUSE NUMBER | XXXXXXX |
| ADDRESS | WITHHELD |
| S/N | SYMBOL NAME | SYMBOL | BALANCE | PENDING | AVAILABLE |
| 1 | DAAR COMMUNICATIONS PLC | DAARCOMM | 50,000 | 0 | 50,000 |
| 2 | DANGOTE SUGAR REFINERY PLC | DANGSUGAR | 12,000 | 0 | 12,000 |
| 3 | DUNLOP NIGERIA | DUNLOP | 50,000 | 0 | 50,000 |
| 4 | ECOBANK TRANSNATIONAL INCORPORATED | ETI | 6,890 | 0 | 6,890 |
| 5 | FIRST HOLDCO PLC | FIRSTHOLDCO | 595,057 | 0 | 595,057 |
| 6 | GUARANTY TRUST HOLDING COMPANY PLC | GTCO | 80,083 | 0 | 80,083 |
| 7 | MTN NIGERIA COMMUNICATIONS PLC | MTNN | 120,250 | 0 | 120,250 |
| 8 | UNITED BANK FOR AFRICA | UBA | 160,650 | 0 | 160,650 |
| 9 | LAFARGE AFRICA PLC | WAPCO | 14,723 | 0 | 14,723 |
| 10 | ZENITH BANK PLC | ZENITHBANK | 60,937 | 0 | 60,937 |
From the table above, he has his highest unit of stockholding in FIRSTHOLDO PLC.
| SYMBOL | FIRSTHOLDCO |
| PRIOR ACCOUNT BAL | 446,169 |
| BOOKING DATE | 07-APR-2025 |
| BOOKING QTY | 148,888 |
| POST ACCOUNT BAL | 595,057 |
4. We were very bemused to learn that Justice Akaahs was the Sole Arbitrator of the General Hydrocarbons Limited (GHL) Vs. First Bank of Nigeria Ltd (FBN) Arbitration. How could that be? We used to think that the Owners of GHL were savvy business people, rather than amateurs who would not do their basic due diligence to investigate the choice of arbitrator in their matter. Little wonder then that, in the arbitration award published widely on all platforms, Justice Akaahs dismissed ALL the claims of GHL against FBN.
5. We wonder how an active FBNHHOLDCO Shareholder and member of the FIRSTHOLDCO Plc could be a Sole Arbitrator in a matter involving FBN, a company in which he holds significant shares, without disclosure and while not recusing himself; and we note while reading the entire Arbitration Award, that his shareholding in FBNHOLDCO which represents his highest holding in his stock portfolio was not disclosed, and urge a full and comprehensive investigation.
6. We are also curious to know precisely when Justice Akaahs was appointed the arbitrator in this matter, and whether that coincided with his acquisition of another significant chunk of shares in FBNHOLDCO PLC.
We are people of conscience seeking justice and integrity.
We provide the following evidence to investigators to ascertain the truth:
1. Table of all Justice Akaahs’ Shares in the Stock Exchange
2. Table of Justice Akaahs’ FBNHOLDCO PLC stock holdings
3. Table of Justice Akaahs’ last transaction and date of transaction.
We will provide more information to the media and the courts in advancement of truth and justice.
