FBN Holdings employee purchases N28.8m worth of shares 

Tolu Oluwole, an employee of FBN Holdings Plc has acquired 1,600,000 units of shares in the company worth N28.8 million.

This information is contained in a notice of Directors Dealings signed by Company Secretary Adewale Arogundade and sent to the Nigerian Exchange Limited.

The company noted that Tolu Oluwole purchased these shares on 23rd August 2023.

The 1,600,000 units of shares were bought at an average price of N18.04 per share.

Recall from the report that Shareholders of FBN Holdings had approved the holding company to raise N150 billion in additional capital for future expansion.

The approval was given at the recent Annual General Meeting (AGM) held virtually despite being served with an ex parte order of interim injunction by the Federal High Court in Lagos.

In its unaudited financial statement for Q2 2023, FBN Holdings Plc showed pre-tax profits rose 5fold to N150.1 billion (N29.2 billion Q2 2022).

The increase in second-quarter profits helped its half-year profit before tax to rise by 213 per cent to N206.2 billion compared to N65.7 billion same period last year.

This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.

The key driver of profits for the latest results is the bank’s net gains from financial instruments which went from a loss of N3.5 billion in the second quarter of 2022 to N231.7 billion in the second quarter only.