Key questions this article answers:
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First Bank of Nigeria HoldCo’s (FBNH) share price has skyrocketed recently due to renewed interest in the bank from billionaire investors Femi Otedola and Oba Otudeko. Why is this?
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Following a long and painful cleanup process, FBNH’s finances have recovered. How has Nigeria’s oldest bank gone about this, and what does the bank have to show for it?
The tussle for power on the NGX is fascinating as it spotlights wealth-creating opportunities in companies that the public has long ignored. We saw this in April when Nigerian businessman and billionaire Femi Otedola (F.Ote$) sought to buy up controlling shares in Transcorp Plc, owned by fellow businessman and billionaire Tony Elumelu.
The result was an over 1x rise in Transcorp’s shares from ₦1.40 to ₦3.1 in under two weeks, as Otedola’s interest in the dormant conglomerate sparked buying interests in the public. However, as business concluded
