FBNH Hits N800bn over Another Unusual Volume Trade
FBN Holdings Plc’s market value rose sharply on Monday as investors traded more than 198 million shares worth N4.42 billion in the local bourse. At the close of the trading session, FBNH market valuation jumped above N800 billion as a result of heavy bargain hunting, 9.85% above its opening value in the week.
Oba Otudeko, through 26 companies, made a strategic move to return as the single largest shareholder in the financial services group. Recall that Otudeko was sacked as chairman of the group last year by the suspended governor of the Central Bank of Nigeria (CBN) Godwin Emefiele over a boardroom coup that failed.
The group market valuation was less than N250 billion at the time before Femi Otedola acquired the single largest shareholding in the group, a move that triggered another battle with one of the influencers in the boardroom.
After Otedola made an entry into the group, the share price has maintained an uptrend but there has been a noticeable spike in the recent time that triggered MarketForces Africa Research analysts’ curiosity. Last week, there was an unusual volume bets by Otudeko >>>FBNH Rises to N682bn on ‘Special Stock Bet’
Inside sources signal that the return of Otudeko as the largest shareholder will trigger another boardroom play given discordance with FBN Chief Executive, Sola Adeduntan, whom Otudeko had tried to relieve before CBN intervened.