Connect with us

Economy

FBN Holdings Changes Registrars Amid Shareholding Structure Crisis

Published

on

FBN Holdings Changes Registrars Meristem

By Aduragbemi Omiyale

FBN Holdings Plc has changed its registrars and it is now Meristem Registrars Limited, replacing the long-time First Registrars and Investors Services Limited.

This is coming at a time the company is battling with shareholding structure, especially with the news that oil mogul, Mr Femi Otedola, has acquired over 5 per cent shares of the group.

Some hours after news went viral that the former chairman of the defunct Forte Oil Plc has become the single largest shareholder in the bank, a statement was released, stating that Mr Tunde Hassan-Odukale has a 5.36 per cent stake in the firm, more than Mr Otedola.

This issue caught the attention of the Nigerian Exchange (NGX) Limited, which queried FBN Holdings to explain in detail the exact shareholding structure of the company, especially when the audited financial statements of the firm in the first half of 2021 did not indicate that Mr Odukale had up to 5 per cent.

The firm responded, stating that Mr Hassan-Odukale, its chairman, controls 5.36 per cent, while Mr Otedola only has 5.04 per cent with his recent acquisition.

In the midst of this controversy, the board of FBN Holdings announced that it was changing its registrar, which is supposed to have the register of members of the company.

“The board approved the appointment of Meristem Registrars Limited as the new registrars to take over the register of members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021,” a statement signed by the company secretary, Seye Kosoko, stated.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Continue Reading
3 Comments

3 Comments

  1. Pingback: FBN Holdings Changes Registrars Amid Shareholding Structure Crisis – Crypto Gurus

  2. Pingback: FBN Holdings Changes Registrars Amid Shareholding Structure Crisis - Rifnote Wire

  3. Pingback: FBN Holdings Changes Registrars Amid Shareholding Structure Crisis - Daily Jagaban

Leave a Reply

Economy

JUST IN: CBN Raises Benchmark Interest Rate to 13%

Published

on

killing interest rate

By Dipo Olowookere

For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent.

Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today.

While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing to do after holding them for about two years.

According to the central bank chief, one of the reasons for raising the rate is to control liquidity ahead of the 2023 general elections as politicians would be expected to flood the system with cash in a bid to woo voters.

However, the other parameters were left unchanged by members at the gathering as the Asymmetric corridor remained around the MPR at +100/-700bps, the Cash Reserve Ratio (CRR) at 27.5 per cent and the Liquidity Ratio (LR) at 30.0 per cent.

Continue Reading

Economy

Nigeria’s GDP Grows by 3.11% in Q1, What Next?

Published

on

GDP

By Lukman Otunuga

There are two ways one could interpret Nigeria’s latest Gross Domestic Product (GDP) figure of 3.11% in Q1 of 2022.

The optimists will say the country’s economy grew for the sixth consecutive quarter in Q1 while pessimists may highlight how economic growth slowed for the third consecutive quarter.

Either way, Nigeria’s economy continues to display resilience against external and domestic risks. With the improvement in the non-oil sector driving growth, this may brighten the growth outlook. But could these be signs of Nigeria breaking away from the chains of oil reliance to derive growth from sustainable sources? It may be too early to come to any meaningful conclusion. However, the report is encouraging and illustrates progress made by the country in reclaiming stability post-Covid-19.

With economic conditions somewhat improving, the Central Bank of Nigeria (CBN) is unlikely to raise interest rates this week. Given how Africa’s largest economy has been able to maintain growth in the past six quarters on the back of loose monetary policies by the CBN, a rate hike could disrupt Nigeria’s economic recovery.

As the global war against inflation rages on, central banks are stepping up.

However, the CBN is likely to remain on the sidelines for now. Nevertheless, inflation is still a cause for concern with consumer prices accelerating for the third straight month to 16.82% in April 2022.

With the general elections around the corner, pre-election spending could translate to rising price pressures. On top of this, the widening policy divergence between the Federal Reserve and the CBN could punish the Naira.

It’s worth keeping in mind that the dollar remains heavily supported by aggressive Fed rate hike bets and is likely to remain strong for the rest of 2022. A powerful dollar is bad news for emerging market currencies including the Naira which continues to depreciate in both the official and unofficial markets.

Lukman Otunuga is the Senior Research Analyst at FXTM

Continue Reading

Economy

NGX All Share Index Weakens Further by 0.13%

Published

on

All-Share Index

By Dipo Olowookere

The bearish sentiment on the floor of the Nigerian Exchange (NGX) Limited continued on Monday as the bourse further depreciated by 0.13 per cent.

Sustained profit-taking especially in the industrial goods sector contributed to the decline suffered during the session as the All Share Index (ASI) slumped by 68.45 points to close at 52,911.51 points compared with the previous session’s 52,979.96 points.

As for the market capitalisation, it depreciated by N37 billion amid sell-offs in 24 stocks to settle at N28.525 trillion as against last Friday’s closing value of N28.562 trillion.

On the first trading day of this week, the insurance sector depleted by 2.32 per cent, the industrial goods sector fell by 0.09 per cent, while the energy, banking and consumer goods counters increased by 0.28 per cent, 0.10 per cent and 0.05 per cent respectively.

Presco led the losers’ chart yesterday with a price decline of 10.00 per cent to trade at N180.00, Global Spectrum Energy Services lost 9.97 per cent to finish at N3.07, Neimeth fell by 9.66 per cent to N1.59, UAC Nigeria depreciated by 8.33 per cent to N13.20, while NEM Insurance retreated by 7.74 per cent to N4.05.

The gainers’ log had 22 members on Monday, with Conoil leading after its value improved by 9.95 per cent to N34.25. MRS Oil gained 9.93 per cent to quote at N14.95, McNichols appreciated by 9.86 per cent to N2.34, Academy Press increased its price by 9.76 per cent to N1.35, while NPF Microfinance Bank expanded by 8.02 per cent to N2.02.

On the activity chart, a total of 263.3 million stocks worth N3.6 billion exchanged hands in 4,856 deals during the session compared with 436.6 million stocks worth N3.2 billion bought and sold in 4,716 deals in the preceding session. This implied that the volume of trades depreciated by 39.68 per cent, while the value of trades and the number of deals increased by 10.15 per cent and 2.97 per cent respectively.

Jaiz Bank closed the day as the most active stock with the sale of 114.0 million units valued at N101.8 million, GTCO transacted 12.9 million shares for N302.8 million, Transcorp exchanged 12.8 million stocks worth N16.7 million, Access Holdings traded 11.7 million equities valued at N115.7 million, while Zenith Bank sold 8.6 million shares for N207.0 million.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: