FBN Holdings

FBN Holdings, the parent company of Nigeria’s oldest commercial banking institution First Bank, attained its all-time peak valuation on Monday. The feat was recorded after a week of sustained gains catapulted the worth of its shares beyond N1.2 trillion. The valuation lifts the financial services group to a new milestone as Nigeria’s biggest lender by market capitalisation, pushing peer Guaranty Trust Holding Company, which has held the title for a while, to the back seat. Following an almost twofold surge in…

Nigerian stocks appreciated 3.8 per cent last week, bringing their yield so far this year to about 42 per cent. Against analysts’ expectation that a hawkish stance at the next monetary policy committee meeting would cause interest to shift from equities to fixed-income securities, demand for stocks increased, helping to wipe out the loss reported for the penultimate week. The earnings reports of big names including Dangote Cement, MTN Nigeria, Seplat, the big 5 banks (excluding FBN Holdings) and Nestle are being…

Last week, a good number of corporate results were issued, many of them coming out strong and fairly impressive. That in part helped the market capitalisation of the Nigerian exchange appreciate by 2 per cent. Investors are awaiting the earnings reports of big-cap stocks like Dangote Cement, MTN Nigeria, BUA Cement and Nestle as well as those of four of the Big 5 lenders (United Bank for Africa, GTCO, Access Holdings and Zenith). The financial performance of these stocks are likely to shape the direction of the…

Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.The change of guard happened at a meeting of the Board of Directors of the Group in Lagos on Wednesday, company insiders told PREMIUM TIMES. Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months…