FBN Holdings Employee Buys N28.86m Shares

Kayode Tokede

An employee of FBN Holdings Plc, Mr. Tolu Oluwole has purchased N28.86 million worth of the Holdings shares on the Nigerian Exchange Limited (NGX).

The Company Secretary, FBN Holdings, Mr. Adewale Arogundade in a signed statement disclosed that Oluwole purchased 1,600,000 units of shares were bought at an average price of N18.04 per share.

The stock price of FBN Holdings closed August 25, 2023 at N16.55 per share, a drop of N2.25 per share from N18.80 per share it opened for trading.

In Year-till-Date performance, the stock price of FBN Holdings has gained 51.8 per cent or N per share when it opened for trading at N10.90 per share

Capital market analysts stated that billionaire investor, Mr. Femi Otedola and Oba Otudeko  interest in the Holdings impacted on the oldest bank in Nigeria’s stock price, adding that its fundamentals, another contributing factor.

The board and management of FBN Holdings had announced on the Exchange the appointment of  Otedola as its Non-executive Director.

FBN Holdings had confirmed that Barbican Capital, an affiliate of Otudeko’s Honeywell Group Limited, acquired about 4.77 billion ordinary shares in the holding group, representing 13.3 per cent of the group’s 35.9 billion issued shares.

Barbican Capital, incorporated in March 2023, has Otudeko’s children – Oyeleye Foluke and Otudeko Obafemi Adedamola as main owners.

Also, in its unaudited financial statement for half year (H1) ended June 30, 2023, FBN Holdings  declared N206.3billion profit before tax in H1 2023, to become a new record high of the oldest financial institution in Nigeria.

This is about 213.8per cent high when compared to N65.7 billion declared in H1 2022.

FBN Holdings in 2022 full year result and accounts declared N157.7billion PBT and in 2021, it announced N166.7billion PBT.

Key factors that contributed to FBN Holdings outstanding increase in profit before tax and profit after tax include: N656.5billion gross earnings reported in H1 2023, an increase of 83 per cent from N359.2billion reported in H1 2022, and N257.9billion non-interest income in H1 2023, a growth of about 113.8 per cent from N120.6billion in H1 2022.

The group’s balance sheet position improved significantly, as total assets crossed the N14trillion mark as of June 30, 2023.

The shareholders of FBN Holdings at the 11^th Annual General Meeting (AGM) approved the holding company to raise N150 billion in additional capital for future expansion.