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Banking Sector

Femi Otedola Divests From FBN Holdings, Sells Shares Worth N8 Billion



Femi Otedola

Femi Otedola, FBN Holdings Plc’s largest shareholder, has sold a combined 717,939,764 shares valued at N7.983 billion in five transactions, according to the management of the financial services company.

The lender disclosed in a statement signed by Adewale Arogundade, acting company secretary for FBN Holdings Plc and obtained by Investors King.

Otedola, who held a 7.57% stake in the lender, reportedly sold 200,000,000 shares he acquired directly under his name at N11.10 a unit or for N2.220 billion.

The billionaire sold another 170,000,000 he acquired through Primrose Global Concept on the same day at N11.14 a unit or N1.894 billion.

The divestment continued as Otedola disposed another 53,000,000 shares he purchased via Impetus Synergy and 120,000,000 shares bought through Wells Properties & Investment Company Limited at N11.10 a unit or N1.920 billion.

In the last transaction, Otedola sold 174,939,764 shares at N11.14 a share or N1.949 billion to bring the total shares divested and reported by the Nigerian Exchange Limited (NGX) to 717,939,764.

Prior to the divestment, Otedola holds a 7.57% equity stake in FBN Holdings Plc.  The billionaire was the company’s largest shareholder before divesting about 30% of his holding. Presently, Otedola holds about a 5% stake in the leading financial services company.

Otedola had aggressively purchased the shares at the peak of a power tussle over the largest shareholder between himself and Tunde Hassan-Odukale, the Chairman of First Bank and the Managing Director of Leadway Assurance Company Limited.

According to the Chief Operating Officer, InvestData Ltd, Mr. Ambrose Omordion is likely divesting into other businesses and needs fresh capital.

He said Otedola “had bought some stocks around N7-8.00, while some were brought around N13.00 per share. I think the billionaire has seen another opportunity and he decided to sell those shares. Mind you, he is not selling all the shares.”

However, the identity of the buyer is unknown. A transaction of this magnitude is usually acquired by high net worth individuals.

The disclosure is in line with the Securities and Exchange Commission policy on all insider dealings. Listed companies are required to disclose transactions of insiders, top equities holders in the company, to enforce transparency across the Nigerian Exchange Limited (NGX).

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Nigeria Raises Interest Rate by 50 Basis Points to 18%



Godwin Emefiele CBN - Investors King

The Central Bank of Nigeria (CBN) led monetary policy committee has raised the nation’s borrowing cost by another 50 basis points following a 500 basis points increase in 2022 to 18%.

The committee attributed its decision to the rising inflation rate and the need to contain price development around expectations of subsidy removal and other energy sources.

“These in the view of members, provides a compelling argument for an upward adjustment of the policy rate, albeit, less aggressively. The Committee, however, noted that the naira redesign and cash withdrawal limit policies have resulted in a sizeable reduction in Currency-Outside-Banks, indicating an expected improvement in the potency of monetary policy tools,” the minutes stated.

Another factor considered was the drop in capital importation and the impact of exchange rate pressure on domestic price levels.

The committee, therefore, called for policies to attract both portfolio and foreign direct investment to Nigeria.

It maintained optimism that, the continued progress made with the RT200 FX programme, Naira-4-dollar and
other policies targeted at attracting diaspora remittances, would continue to help improve accretion to the external reserves and improve liquidity in the foreign exchange market.

Members, however, remained aware of the ongoing challenges associated with the limits imposed on cash withdrawals in the face of frequent downtime in bank electronic transaction channels. The Committee thus called on Other Depository Corporations, online payment platforms, and other stakeholders to ensure that the prevailing incidence of network failures is overcome in the immediate and short term.

This would ensure that the Naira Redesign and Cash Withdrawal Limit Policies lead to an improved in-road of the CBN Cashless program and efficiency of the transmission mechanism of monetary policy.

Members, therefore, agreed to raise Monetary Policy Rate by 50 basis points, with ten members voting to raise the MPR by 50 basis points while one member voted to raise the MPR by 25 basis points and one member voted to hold the MPR. All members voted to keep all other parameters constant.


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Banking Sector

CBN Will Make More Redesigned Currency Available, Resolve Failed Bank e-Transactions– Emefiele



Godwin Emefiele - Investors King

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has said that about N1 trillion is currently in circulation and more redesigned naira notes will be made available to the citizens.

This is as he apologised for the increase in failed digital bank transactions, promising that the online payment system hitches will be resolved soon.

The CBN governor spoke on Tuesday at the close of the two-day monetary policy committee meeting held in Abuja.

Investors King reports that Nigerians have been faced with cash scarcity since January, 2023 and recently, rise in failed electronic bank transactions done through bank mobile apps, debit cards and USSD channels making payment more difficult.

Emefiele assured that the CBN payments system management department are working on it to ensure that the situation is improved and electronic banking channels are resolved on time.

He commended the fintechs for complementing payment channels to reduce the workload on traditional banks in Nigeria.

His words, “I must apologise. Yes, online channels fail. But no doubt it is as a result of the deluge of online transactions that hit the banking industry. But it is being resolved,” Emefiele said.

“On a daily basis, our payments system management department monitors the online payment platforms so as to make sure that when there is a downtime, they are quickly resolved so that transactions can go on smoothly.”

According to the CBN Boss, the apex bank is working to ensure that more redesigned notes are circulated but are not kept outside the bank as the redesign policy aims to checkmate storing money in other places.

He gave the details of the redesigned naira notes pumped into circulation at the beginning of the policy as N3.23 trillion, of which only N500 billion was kept in bank accounts while N2.73 trillion was stored outside the banks.

“It was published yesterday that currency in circulation is close to N1 trillion. CBN will continue to pump the newly redesigned currency into the market.

“The truth is that at some point we will need to reassess to know whether the currency in circulation has attained an optimal level so as to put in place measures to ensure that we don’t go to the level where we were when people kept money outside the banking system for their own benefits,” he added.

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Banking Sector

FirstBank Announces Call For Application in The Third Edition of It’s FirstBank Management Associate Programme (FMAP)



First Bank Of Nigeria

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the call for participation in the third season of its FirstBank Management Associate Programme (FMAP).

Interested participants are required to submit their application via

The application is extended to the general public as it closes by 24 March 2023.

The FirstBank Management Associate Programme (FMAP) is a 24-month fast-track comprehensive programme targeted at young, dynamic and highly driven individuals that are passionate about making a difference in the financial services industry. The programme is designed to build the next generation of leaders to drive the Bank’s vision of being Africa’s Bank of First choice.

FMAP equips participants with an extensive wealth of experience comprised of both classroom and real-life work that affords an insightful and balanced insight into the world of work. The programme is targeted at hi-potential young professionals who possess acute thinking skills, financial and methodical skills, and a distinctive ability to communicate effectively and synthesize ideas, information, and data to aid decision-making.

Speaking on the FMAP Season III, Olumuyiwa Olulaja, Group Head, Human Capital Management and Development, said “since its inauguration in half a decade, we are delighted with the giant strides and impact the initiative has had in promoting the career development of emerging talents in the financial services industry as they are instilled with the tenets and ethics of the banking industry in line with global best practice.

The FMAP initiative is amongst the many ways we reinvest in our human capital as we build the next generation of leaders through their exposure to various opportunities essential to preparing their readiness for the future.

Since its launch in 2018, FirstBank has successfully trained and onboarded up to fifty talented individuals in 2 editions (2020 and 2022), who have all been deployed into strategic roles in the Bank and making a difference in the organization, while we continue to support their leadership growth and development.

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