FBN Holdings announces new investor with over 5% stake

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Sunday, October 24, 2021 / 09:50 / by Proshare Research / Header Image Credit: FBNH & EcoGraphics

The management of FBN Holdings Plc has officially written to the Nigerian Stock Exchange to inform them of the acquisition of substantial stakes in the Holding by a new investor.

According to the press release dated October 23, 2021 and posted on the Exchange website, FBN Holdings Plc said it had received a notification from APT Securities and Funds Limited, that their client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 share units of the issued share capital of the Company of 35,895,292,791.

In addition, he indicated that the participation of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.

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The above press release follows on from the earlier press release from FBN Holdings Plc, in which it stated that it has yet to receive notification from anyone mentioned in the series of media reports that a certain person has acquired a significant stake in FBN Holdings Plc, making it the majority shareholder of the Company.

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It will be recalled that Proshare posted a comment on October 17.e, 2021 titled FBNH Investors Chase Value – Understanding Holdco’s 34.78% Share Price Rise in 2 Weeks in which it was stated that shares of FBN Holdings rose 34.78% in 2 weeks and that the huge purchases of FBNH shares in recent weeks represent a strategic decision of a seasoned broker. The comment can be accessed in the link above in this paragraph.

Proshare’s commentary on the substantial share acquisition will follow …

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PDF – 100 Days After Removal of CBN Board of Directors: First Bank’s Shaky House of Cards Report (PDF)

1. Abstract: 100 days after the withdrawal of the board of directors of CBN: the unstable house of cards of the first bank – September 19, 2021

2. Full report: 100 days after the withdrawal of the board of directors of CBN: the unstable house of cards of the first bank – September 19, 2021

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Related Articles / References

1. FBNH Investors Chase Value – Understanding Holdco’s 34.78% Share Price Rise in 2 Weeks October 17, 2021

2. 100 days after the withdrawal of the board of directors of CBN: the unstable house of cards of the first bank. –September 19, 2021

3. From the first bank and bad debtors; The throbbing headache of a systemApril 30, 2021 – Editorial by Proshare

4. CBN Removes Boards of First Bank of Nigeria, FBN Holdings; Appoint new presidents April 29, 2021 – News from Proshare

5. FBNHoldings Plc H1 2017 Performance Analysis – A Full Report/ Company reviewOctober 23, 2017, Proshare Research

6. FBNHoldings Plc Q1 2017 Updated Performance Review ReportSep 25, 2017, Proshare Research

7. NPL banking (23) – The arguments in favor of a new approachJune 07, 2020 – Debtors Africa

8. W. Chan Kim and Renée Mauborgne (2004) “Blue Ocean Strategy

9. Board governance: a thin line between oversight and operationsSep 28, 2020 – IoD Center for Corporate Governance

ten. Leadership, Change and Business Transformation – The Nigerian Experience November 07, 2017, Olufemi AWOYEMI – Proshare

11. 2021 CEO compensation report: from COVID to collaborationAugust 01, 2021, Proshare Research

12. Memo to the Market – The NSE, the Oscar Onyema Foundation and corporate governanceAugust 20, 2018, Olufemi Awoyemi, Proshare

13. FBN Holdings Plc – Proshare Markets IR PageProshare Search

14. Annual accounts – IR page in ProshareProshare Search

15. Bernard Longe wins case against First Bank Plc, Supreme Court rules todayMarch 05, 2010, Proshare

Proshare Nigeria Pvt.  Ltd.

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