This was contained in a corporate disclosure filed with the Nigerian Exchange Group (NGX) on Friday, November 28, 2025.

The corporate communication was in accordance with the NGX Rulebook and the Securities and Exchange Commission (SEC) Acts.

According to a statement by the Group’s Secretary, Abiola Baruwa, the transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria (CBN).

The company’s share price closed at N31.05, shedding 0.2% for the day. The share price has appreciated by 10.7% this year, ranking it the 99th best-performing NGX stock on a Year-to-Date basis.

First HoldCo is the ninth most traded stock on the Nigerian Exchange group in the last three months, with a total volume of 1.2 billion shares traded in 23,128 deals, valued at N37.3 billion.

The firm has an equity capitalisation of N1.11 trillion, making it one of the most valued Banks in Nigeria and a member of the popular FUGAZ Group (First Bank, UBA, GT Bank, Access Bank, and Zenith Bank), the top leading Banks in Nigeria.

The decision, approved by the bank’s board, follows changes to its leadership structure aimed at enabling growth and long-term stability. Earlier this year, Olusegun Alebiosu was appointed managing director and Ini Ebong, deputy managing director earlier in the year.

Sources within the organisation revealed that the restructuring initiative, led by FBN Holdings Chairman Femi Otedola, is intended to bring new perspectives to some roles. 

While some of the staff exits were reportedly voluntary, others were initiated by the bank to simplify its leadership framework. Among those affected was an executive director whose tenure ended by mutual agreement. The departures are one of the most notable management transitions in the bank’s recent history.

FirstBank, which has a strong leadership structure with dozens of executives across its various departments, has been undergoing a dynamic phase since Otedola assumed the chairmanship of FBN Holdings. 

Earlier this year, the institution reshuffled its board, appointing five new directors and introducing Ebenezer Olufowose as Chairman of FirstBank Limited.

These changes aim to place the bank at a top spot in the Nigerian financial sector. In October, Wale Oyedeji was named group managing director of FBN Holdings, further enhancing the institution’s focus on innovation and operational excellence.

The repositioning also coincided with the completion of a ₦149.5 billion rights issue to meet the Central Bank’s recapitalisation targets. FirstBank has recorded a strong performance in 2024, with its share price rising by 18.47% year-to-date.

However, this wave of restructuring comes with challenges. Earlier in the year, the bank terminated over 100 employees following the discovery of a ₦40 billion fraud orchestrated by a former manager, Tijani Muiz Adeyinka. The scandal exposed lapses in the bank’s operational oversight and led to the dismissal of several staff members accused of negligence.

FirstBank’s management has since increased its focus on accountability, with a strong drive against supervisory negligence. These aims to help the bank rebuild trust and ensure adequate operational standards as it embarks on its 2025 agenda.

The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.

From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

Amid hike in Monetary Policy Rate (MPR), the financial institution declared N455 billion interest income in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023, while interest expenses closed Q1 2024 at N226.42 billion, representing 234.1per cent increase from N67.76 billion reported in Q1 2023.

On the backdrop of a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion reported in Q1 2024.

Total assets from the balance sheet position stood at N21.58 trillion as of March 2024, which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.

As FBNHoldings declared N8.42 trillion Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, full financial year, its customer deposits stood at N13.27 trillion as of March 2024, an increase of 24.4 per cent from N10.66 trillion reported in 2023 financial year.

Nnamdi Okonkwo, the group managing director, FBNHoldings, in a statement said, .

“FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. “Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results.

“Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4per cent to N730.3 billion, while profit before tax increased by 325.2per cent to N238.5 billion while our total assets increased by 27.4per cent in three months to N21.6 trillion.”

He added that the Group remained focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.

However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr. Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024 from 1,999,342,376 March 2023.

The stock price of FBNHoldings closed March 27, 2024 at N21.1 per share on the floor of the Exchange.

[Culled from ThisDay]

This downturn coincided with the first month-to-date decline in the NGX All Share Index of the year, which lost 6% in April this year.

The most impacted were the: First Bank, UBA, GTCO, Access Bank, and Zenith—although Zenith was the only one to maintain its position in the SWOOT (Stocks Worth Over One Trillion Naira) index.

As of December 2023, Nigeria’s largest banks had a total net asset value of N9.7 trillion but only a combined market capitalization of N4.2 trillion ($ billion), translating to a price-to-book ratio of 0.43, or 43%.

This indicates that investors significantly undervalue banks compared to their book values.

Amid this, challenger banks like Opay and Kuda Bank are valued above $1 billion, despite their smaller operational scales.

According  the Index, as of April, FBN Holdings, UBA, GTCO, and Access Bank each fell below the trillion naira market cap, a level they last exceeded in January when they briefly hit this milestone.

Since January, these banks have seen substantial declines in market capitalization.

For instance, Access Bank, Nigeria’s largest bank by assets, last reached the N1 trillion mark in late January. By the end of April, its market cap had fallen to about N598.9 billion, despite having over N32 trillion in total assets and N2.5 trillion in net assets.

Similarly, UBA, with total assets and net assets of N20.6 trillion and N2 trillion respectively, saw its market cap drop from over N1 trillion in January to N817.3 billion at April’s end.

FBN Holdings, Nigeria’s oldest bank, saw its market cap peak just above N1 trillion in early April but fell to N857.8 billion by April 30th, 2024.

GTCO also experienced a dip; valued above N1 trillion as recently as April 26th, it ended the month with a market capitalization of N962.3 billion.

Zenith Bank, however, remained in the SWOOT, though it risks dropping below if the sell-offs continue into May 2024. It has total and net assets of N20.3 trillion and N2.3 trillion, respectively.

Several factors contribute to these low valuations relative to net assets, despite consistent dividend payouts.

Some analysts attribute it to the high liquidity of bank stocks, while others point to a general disinterest in the Nigerian stock market, suggesting that intrinsic stock values are seldom reached.

A more recent factor is the banking recapitalization announcement by the apex bank, which requires banks to raise over N4 trillion in new capital.

This has likely prompted a sell-off, as lower share prices benefit bank shareholders when the capital increase is through a rights issue.

However, the reasons necessitating the cancellation have not been made available to the member of the public or shareholders alike at the time of filling this report.

“The Extraordinary General Meeting of the members of FBN Holdings Plc (the “Company”), earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to N300bn and other ancillary matters is hereby cancelled,”

The statement read, Last week, FBN Holdings in a notice of its Extraordinary General Meeting filed with the NGX disclosed that it would be seeking shareholders’ approval to raise N300bn additional capital.

According to the notice, shareholders will consider and vote on the special business “that the company be and is hereby authorized to undertake a capital raise of up to N300,000,000,000.00.”

The financial institution proposed to raise the funds via a public offering, private placement, or rights issue in the Nigerian or international capital markets.

The capital raise came barely weeks after the Central Bank of Nigeria directed Banks to recapitalise.

In a notice of its extraordinary general meeting filed with the Nigerian Exchange Limited on Monday, the financial holding company said the meeting would be held virtually at the end of the month.

According to the notice, shareholders would consider and vote on the special business “that the company be and is hereby authorised to undertake a capital raise of up to N300,000,000,000.00 (three hundred billion naira)”.

“The capital raise transaction shall be by the issuance of shares via a public offering, private placement, rights issue in the Nigerian or international capital markets, at price(s) to be determined by way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the board of directors (the “directors”), subject to obtaining the approvals of the relevant regulatory authorities,” it stated.

This comes as the Central Bank of Nigeria reviewed upward the capital base of commercial, merchant and non-interest banks and promoters of new banks in the country.

Citing both domestic and global shocks, the apex bank in a statement signed by Sidi Ali, the acting director, Corporate Communications, CBN, said it had become necessary to raise the capital base of the banks.

It, then, directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn while those with regional authorisation are expected to achieve a N50bn capital floor.

It also mandated non-interest banks with national and regional authorisations to increase their capital to N20bn and N10bn, respectively.

In October, FBN Holdings Plc sought approval from the NGX to raise N139bn in additional capital through a rights issue.

Ahead of its 11th annual general meeting in July, the financial institution had revealed plans to raise capital by way of a rights issue for future expansion projects.

Investors’ interest in stocks like BUA Cement, FBN Holdings, and other top advancers pushed the market to a positive close.

BUA Cement rose from N142.95 to N150, up by N7.05 or 4.934.93 percent, while FBN Holdings went up from N26.10 to N28.70, adding N2.60 or 9.96 percent.

Meanwhile, Okomu Oil Palm led the league of decliners after its share price dropped from a high of N270 to N243, losing N27 or 10 percent.

The market has risen this year by 35.56 percent, while this month it is up by 0.21 percent. Week-to-date (WtD), the market has dropped by 4.12 percent.

At the close of trading, the market was up by 0.30percent as its benchmark Index and equities value rose to 101,362.38 points and N 55.463 trillion from the preceding day’s lows of 101,060.67 points and N55.298 trillion.

In terms of trade on the floor of the NGX, overall trade value a negative movement is witnessed, with a decline of 1.2%. This amounted to N6.55 billion.

On the other hand, the overall trade volume trended positively, increasing by 18.18% to reach 302.74 million units traded through  8,6111 deals.

The market defied market watchers’ expectation that the bearish trend seen since this week to continue.

In  8,611 deals, investors exchanged 302,739,517 shares valued at N6.552billion. FBN Holdings, Japaul Gold, Transcorp, Veritas, and GTCO were actively traded stocks.

Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.

Julius Omodayo-Owotuga popularly known as ‘JB’ is a Finance expert with huge experience in Finance, Risk Management, Treasury, Internal Controls, General Administration, Procurement, and Information Technology.

While at Forte, he was a member of the Executive Management Team that restructured a then moribund company into a vibrant industry player.

He equally led the capital restructuring, acquisitions, debt capital raise, maiden credit rating and divestment initiatives. Prior to joining Forte Oil Plc, he had responsibility for the Asset and Liabilities Management function at the Africa Finance Corporation.

Julius Omodayo-Owotuga is a KPMG trained finance professional who possesses extensive investment experience spanning Financial Services, Power and Oil & Gas sectors with a proven track record of significant achievements.

His two decades work experience spans blue chip companies such as KPMG; Standard Chartered Bank; Africa Finance Corporation (AFC); Forte Oil Plc, MBC International Bank (Now First Bank of Nigeria Limited) and Geregu Power Plc.

JB is an alumnus of Oxford University’s Said Business School, United Kingdom, IE Business School, Madrid, Spain and the University of Lagos, Lagos, Nigeria. He has a B.Sc. in Accounting and a Masters in Business Administration (with distinction).

He is a CFA Charter Holder; a Fellow of The Institute of Chartered Accountants of Nigeria (ICAN), The Chartered Institute of Taxation of Nigeria (CITN) and The Institute of Credit Administration.