Trading volume on FBN Holdings’ shares rise by 127%
The volume of activities on the shares of FBN Holdings Plc, the parent company of First Bank Nigeria Limited rose sharply by 127 per cent to 350,541,662 on the Nigerian Exchange Limited (NGX) yesterday, compared with the 154, 395,251, reflecting the move by some of the major contenders for controlling interest in the financial institution to consolidate their stake.
This led to a 2.45 per cent rise in the Holdco’s share price, from N12.25 per share as of last Friday, to close at N12.55 per share.
Dailynewwireng had reported yesterday that the battle for controlling interest in FBN Holdings Plc would intensify on the NGX going forward in line with the battle for the soul of the bank.
Currently, the majority shareholders in the financial institution are the Chairman of Geregu Energy Group, Mr. Femi Otedola; Chairman of Globacom, Chief Mike Adenuga; current Chairman of FBNH, Mr. Tunde Hassan-Odukale, and Chairman of Honeywell Group, Oba Otudeko.
It was expected that some of the major contenders would in the coming days continue to mop up more shares so as to increase their stake in the bank.
By his acquisition of 1,818,551,625 units of shares of First Bank Holdings Plc (FBNH), amounting to a 5.07 per cent of its total issued capital, Otedola, last week formally became one of the majority shareholders in the bank.
As at March this year, Otudeko was also said to be holding a total of five per cent of the holdco’s total issued share capital. However, inside sources disclosed that Otudeko was currently in negotiation with Flour Mills of Nigeria Plc to sell Honeywell Flour, to partly pay off his loans at FBN Holdings.
On his part, Adenuga is said to have been buying more shares and his shareholding was said to be between five and seven per cent.
Similarly, Hassan-Odukale and related parties hold about 5.36 per cent stake in FBN Holdings. The companies include Leadway Assurance Company Ltd, ZPC/Leadway Assurance Prem & Investment Coll Acct, Haskai Holdings Ltd, Leadway Capital & Trust Ltd and LAC Investments Ltd. Others are Leadway Properties &Investment Ltd, Leadway Holdings, OHO Investment/Oye Hassan-Odukale, and Leadway Pensure PFA.