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FCMB founder, Michael Balogun, splashes N24.5m on firm’s asset, as major investors up investment



FCMB Michael Balogun

The founder of FCMB, Michael Balogun, has acquired N24.5 million worth of stocks in the financial institution, while his investment company also increased its stake in the lender.

Balogun parted with the figure to purchase 7,000,000 shares on April 28, according to filing obtained from the Nigerian Exchange Limited (NGX) on Thursday, while his property firm, Primrose Investment Limited, bought double.

Ripples Nigeria gathered that Primrose acquired 14 million shares at the cost of N49 million, on the same day Balogun made his own asset purchase. Primrose has been increasing its stake in FCMB in the last two years.

Prior to the recent acquisition, Primrose held 1.01 billion shares, which gave the company 5.12% ownership of FCMB as of December 31, 2021 – a year before, the investment firm held 3.25% stake.

Read also: FCMB offerings meet customer and regulatory requirements —SON

However, Balogun and Primrose, which is the third largest stakeholder in FCMB, are not the only substantial investors busy on the lender’s exchange floor in the capital market to improve investment assets.

FCMB Trustees Limited FCMB ESOP invested N1.51 billion in the financial institution, in exchange for 432,330,102 shares, while Bluechip Holdings Limited purchased 7,000,000 shares for N24.5 million.

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