First HoldCo shares dipped 4.1% on Friday after Oba Otudeko sold his $128m stake, ending a boardroom battle with Femi Otedola, who now leads the group. Investors await the companyโs next chapter.
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Shares of FirstHoldCo Plc, the parent company of Nigeriaโs oldest bank, FirstBank, fell by 4.1% on Friday after former major shareholder Oba Otudeko offloaded his stake in a landmark transaction valued at โฆ195.7 billion ($127.9 million).
The bond, issued in February 2021 and listed on the London Stock Exchange, had been trading near par at $99.00 as of July 11โan indicator of investor confidence in the bankโs ability to meet its financial obligations.
Equityโs push into the Middle East mirrors a broader trend among major African banks seeking expansion into the region. Since the beginning of 2024, at least four major lenders from the continent have either begun operations there or announced plans to expand.
Guaranty Trust Holding Company (GTCO) has crossed the โฆ100 share price mark โ a first for any Nigerian banking stock โ placing it alongside industrial giants like BUA Cement and Lafarge Africa.
Zenith Bank, one of Nigeriaโs largest financial institutions, saw its market capitalisation cross the โฆ3 trillion ($2.04 billion) mark on Wednesday, a week after GTCO achieved the same feat.
Kenyaโs domestic debt market kicked off the 2025/26 fiscal year on a bullish note, as investors continued their pivot toward long-term government bonds in search of higher yields and stability.
Ecobank Transnational Incorporated (ETI), a pan-African banking group, has announced the launch of a $250 million Additional Tier 1 (AT1) capital raise via a private placement of contingent convertible notes.
GTCO saw its valuation rise to the N3trn mark as it listed on the London Stock Exchange on Wednesday, cementing its position as the biggest lender by market capitalisation on the Nigerian Exchange Limited
Guaranty Trust Holding Company Plc, one of Nigeria’s Tier 1 banks, is set to launch raise about $100 million dollars, ahead of Bank’s minimum capital requirement amid delisting from the ADR on the London Securities Exchange.
The lenderโs latest move comes weeks after Access Bankโs – Nigeriaโs biggest bank โ received regulatory approvals from both counties to acquire National Bank of Kenya Limited (NBK) from KCB Group.
Moodyโs has downgraded Afreximbankโs credit rating to Baa2, citing rising risks from its exposure to debt-distressed African sovereigns, particularly Ghana and Zambia
Under the new rules, Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) must reserve at least one-third of board seats for independent directors with no financial ties to the company. These directors cannot hold more than 5% equity stakes or maintain business relationships that could compromise their judgment.
While BAHLโs exit is relatively minorโit had no retail operations in Kenyaโit adds to growing concerns about reduced access to trade finance and foreign capital as more global lenders cut back their presence.
By increasing green financing, the bank is looking to reduce its exposure to climate risks while positioning itself as a key player in Mauritiusโ low-carbon transition.
Kenyaโs Equity Group appoints six new directors and secures approval to open its first office outside Africa in the UAE, targeting diaspora and cross-borderย growth.
The NBEโs latest directive reinforces Ethiopiaโs commitment to liberalise its tightly controlled financial sector and sends a strong signal to global investors that the country is now serious about attracting long-term capital, technology, and expertise into its banking industry.
Fidelity Bank Plc, one of Nigeriaโs major commercial banks, has promoted 376 employees โ representing 12% of its workforce โ following a strong financial year that saw it deliver the highest profit growth in the countryโs banking sector. In a statement on Thursday, the bank also announced a 20% salary increase across the board, marking…
The latest acquisition has raised questions about its timing, as it comes shortly after the Central Bank of Nigeria (CBN) barred banks under regulatory forbearance โ including Access Bank โ from investing in foreign subsidiaries.
Nigeriaโs biggest bank by asset base has established a reputation for inorganic growth through aggressive mergers and acquisitions. It’s not the only bank expanding, but it’s doing this in markets few dare to go.
The Gulf African Bank deal is the latest in a string of mergers and acquisitions in Kenyaโs banking sector.