Few months after the bank got enmeshed in financial conundrum and corporate war attributed to bad credit decisions, significant non-performing insider loans and poor corporate governance practices since 2016, the control for the Bank has been a top concern for insiders.
But notwithstanding the significant improvement in the bank’s financial condition with the positive trajectory of financial soundness indicators, reported insider-related facilities remain problematic. Efforts made by the CBN made to compel the board to reverse its decision and reinstate the ousted chief executive proved abortive.
According to the online reports, Otedola, is now the single majority shareholder of the first generation lender in Nigeria with the acquisition of N30 billion worth of the bank’s equities at the NGX. According to the statement: “We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.
Reacting on the development, a stockbroker and Vice Chairman of Highcap Securities, David Adonri said many things are brewing in the bank that will result in an outcome, which may be surprising to stakeholders. Adonri pointed out that the current events indicate that Otedola is set to take control of the bank by emerging as a single largest shareholder, noting that this signals the beginning of a new era for FBNH.
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