Tussles for control of FBN Holdings, the parent company of First Bank, continues as an estimated 1.1 billion units of its shares were exchanged in the last 4 days, according to the company’s stock exchange’s trading engine.
The data recorded by the company shows 128.8 million, 364 million, 441.9 million and 228.5 million shares were traded from Monday to Thursday, respectively.
Sources with knowledge of the trades commented the majority of the transactions were off-market block trades.
Mr Tunde Odukale, current director of the First Bank, claimed direct and indirect ownership of shares in a total of 5.36% through several entities leading to Leadway Pensure. However, such a claim had been debunked by the National Pension Commission (PENCOM), who said pension funds are owned solely by pension fund contributors and no one else.
As of today, Femi Otedola and Calvados Holdings currently own 5.07% of the shares, making him the current largest shareholder. Although the latest 9 months audited accounts of the bank did not reveal any shareholder with shares of %5 and higher.
As reported by Nairametrics, a reliable source mentioned: “an announcement will be made soon that will reveal a significant change in the majority ownership of the bank.”
Previously, The Central Bank of Nigeria (CBN)’s Governor, Godwin Emefiele expressed their gratitude for investors’ interest in First Bank’s shares. However, Mr Emefiele also noted that the bank is too large to be owned by one person, and major shareholders should keep in mind they are mere representatives for the institution.
