The Head, Investor Relations, First Bank Nigeria (FBN) Holdings Plc, Tolu Oluwole, has sold off his shares in the financial institution amid a drop in the capital market’s confidence towards the firm.
Oluwole sold 1.60 million shares held in FBN Holdings on Wednesday, August 23, 2023, to take out N28.86 million from the financial institution experiencing a leadership tussle.
When Oluwole sold his stake, FBN Holdings’ share was down by 4.25 per cent, from N18.8 kobo reported last week Friday, August 18, to N18 on Wednesday, Ripples Nigeria analysis showed.
The shares sold by Oluwole were disclosed on Friday, in a document sent by FBN Holdings to the capital market authority, Nigerian Exchange Limited (NGX).
After selling off his shares, FBN Holdings’ share plummeted by 8.05 per cent between Wednesday and Friday. However, the firm’s equity price closed the just-concluded trading week down 12 per cent.
The share price of FBN Holdings nosedived from N18.8 kobo last week Friday, to close this week’s Friday at N16.55 kobo.
This indicates FBN Holdings suffered from investor apathy, causing shareholders of the financial institution to lose N80.76 billion or 12 per cent of their investment value following a drop in demand within five days.
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