Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,778,042 members, 6,619,690 topics. Date: Monday, 06 December 2021 at 11:00 PM

First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank (17018 Views)

How To Apply For NIRSAL Microfinance Bank CBN N50bn COVID-19 Loan. / Reject Dirty Naira Notes From The Bank- CBN / I Need A Lawyer To Fight First Bank- CBN Is Not Helping Me (2) (3) (4)

(1) (2) (Reply) (Go Down)

First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by DubaiLandLord1: 11:56pm On Nov 24
The CBN says it will work with the SEC to do the "right thing" regarding the top shareholding in the bank.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday said that First Bank, Nigeria’s oldest bank, is too big to fail.

The CBN governor, who spoke at the end of the apex bank’s Monetary Policy Committee Meeting, explained further that the bank is equally strategic to the survival of the Nigerian banking sector.

“If anything happens to First Bank, it means something has happened to the Nigerian banking system,” Mr Emefiele said.

“That is why we are taking advice on how to get the bank afoot seriously.”

The bank and its parent company have been in the news in recent weeks amid a tussle for control between major shareholders, notably Taiwo Hassan-Odukale and billionaire Femi Otedola.

Mr Hassan-Odukale had come to lay claim to a 5.36 per cent interest in the group in what the FBN Holdings hierarchy called “cumulative equity stake” through direct and indirect shareholding days after Mr Otedola openly declared his holding of 5.07 per cent. The move was queried by the Nigerian Stock Exchange.

Mr Otedola had quietly been amassing shares in the bank, and his move to be declared the biggest individual shareholder in First Bank Holding Company has met with opposition from the bank’s top hierarchy.

Last week, the National Pension Commission (PenCom) said funds invested by Leadway Pensure Limited in the shares of FBN Holdings Plc belong to Retirement Savings Account holders, and not a third party as FBN Holdings earlier claimed.

PenCom dismissed the claim, basing its position on the fact that the equity investments in the parent company of First Bank had been made from a pool of contributors’ funds under management.



On Tuesday, Mr Emefiele said the apex bank’s regulatory intervention brought First Bank to its profitable ways.

“Six years ago, like I said, because of an aggressive buildup of non- performing loans, the share price of First Bank was about N2. We took it up. Then, everybody was running away from the shares of First Bank.

“We have cleaned the balance sheet now, people are seeing that the money making machine, First Bank, is back on its feet. They are in the race for profitability. They are now competing for the shares of First Bank. Why should I quarrel about that? “I am happy to see that they are competing for the shares. Of course, we all know that First Bank is so large that no single person can own it. In running the banks, they should see themselves as representing others.”


“Naturally, returns are sent to CBN about individual shareholders. And of course, if our position is not in tandem with that of SEC, we will talk to SEC about it.”

Mr Emefiele assured that with regard to the running and operations of the bank, the apex bank will take preeminence in ensuring that the right things are done.

Earlier, PREMIUM TIMES reported how the bank retained the monetary policy rate at 11.5 per cent, with the asymmetric corridor of +100/-700 basis points around the MPR.


The apex bank also reatined the Cash Reserve Ratio (CRR) at 27.5%, while the liquidity ratio was also kept at 30%.
https://www.premiumtimesng.com/news/top-news/497028-first-bank-cbn-breaks-silence-says-no-individual-can-own-bank.html

4 Likes

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Fahdiga(m): 11:57pm On Nov 24
Tinubu owns first Bank and must be probed

6 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Asgard73: 12:02am On Nov 25
Emefiele have to stop this Yoruba Sophisticators from looting out Nigeria through backdoor

Imagine manipulating the process.. thinking others are not wise to act same foolish.

And he will be going to court to argue nonsense.. when is obvious he exploited and manipulated the system

Greed

2 Likes 3 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Penguin2: 12:42am On Nov 25
I think First Bank hierarchy doesn’t like Otedola’s face.

That’s why they are issuing statements in favor of Odukale.

I wonder the issue they have with Otedola.

18 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by CryptoClub2018: 1:23am On Nov 25
Fahdiga:
Tinubu owns first Bank and must be probed

Be like say Tinubu dey torment you in your dream daily

62 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by GreatTormentor: 4:07am On Nov 25
Asgard73:
Emefiele have to stop this Yoruba Sophisticators from looting out Nigeria through backdoor

Imagine manipulating the process.. thinking others are not wise to act same foolish.

And he will be going to court to argue nonsense.. when is obvious he exploited and manipulated the system

Greed
We read about innoson trying to take over GTB, he thinks it is drug trafficking and baby factory business

49 Likes 4 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by philiancoop(m): 4:17am On Nov 25
Looks like this emefiele just started training for this job

3 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by tempest01(m): 4:33am On Nov 25
Sometimes I wonder if this man really went to an ivy league school.

On the side note, Emiefele it is not business as usual. Decentralized finance is here. Clean up the financial sector or you will be held solely responsible for the wanton mismanagement of this regime.

You people should have stopped fuel subsidy during the pAndemic when oil prices was low. Some people were probably feeding fat then. By now things would have normalized. Now you want Nigerians to bear the brunt.

17 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Murio001: 4:36am On Nov 25
Nawa o. Drama upon drama.

2 Likes 3 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by nrexzy: 4:36am On Nov 25
GreatTormentor:
We read about innoson trying to take over GTB, he thinks it is drug trafficking and baby factory business

Trying to take over u say....
He already has oo....
Maybe u no sabi as PLC Dey work....

7 Likes

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by kingsways: 4:37am On Nov 25
CBN lied

The shares are traded on the Stock Exchange and an individual can become a clear majority shareholder by simply buying enough shares

21 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Flexherbal(m): 4:37am On Nov 25
The bank and its parent company have been in the news in recent weeks amid a tussle for control between major shareholders, notably Taiwo Hassan-Odukale and billionaire Femi Otedola.

Ordinary citizens nor set talk put for billionaires matter.

1 Like

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Omniman(m): 4:37am On Nov 25
cheesy
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by OrdinaryNigeria(m): 4:42am On Nov 25
grin hi
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by omoolokunEsin: 4:44am On Nov 25
Fahdiga:
Tinubu owns first Bank and must be probed

Must you carry Tinubu to bed this late in the night? Tinubu this, Tinubu that. You people have unwittingly raised him to the status of a god, being now acolytes in his Shrine a few minutes to midnight. Something excellent must be in Tinubu's nature that makes all his HATERS think about him all the time, in spite of themselves!

21 Likes 3 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by ecolime(m): 4:49am On Nov 25
Penguin2:
I think First Bank hierarchy doesn’t like Otedola’s face.

That’s why they are issuing statements in favor of Odukale.

I wonder the issue they have with Otedola.
It's not really about Otedola.

This is a case of hand of Esau but voice of Jacob. Pretty obvious Awosika, Otudeko and Co. are trying to regain power using Otedola.

Na normal high level board room politics.

17 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Jackson105: 5:00am On Nov 25
nrexzy:


Trying to take over u say....
He already has oo....
Maybe u no sabi as PLC Dey work....

In your dream. Keep hallucinating! Take over ko, take down ni

14 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Boogyman557: 5:14am On Nov 25
Holly Gram cool WTF MAN
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Powersurge: 5:28am On Nov 25
Fahdiga:
Tinubu owns first Bank and must be probed

Wetin be una problem? Una dey serious sick o.

E con be like say all of una from dt side no come get any brain at all. Just open your mouth waah!

16 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by chronique(m): 5:40am On Nov 25
I don't
seem to understand what the problem is about. Someone clearly has to be the majority shareholder so what exactly is the fight all about?

2 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by free2ryhme: 6:04am On Nov 25
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by DubaiLandLord1: 6:10am On Nov 25
nrexzy:


Trying to take over u say....
He already has oo....
Maybe u no sabi as PLC Dey work....
When did Innoson take over GTB?

7 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by BadNews: 6:12am On Nov 25
Nawa o
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by techWriter1: 6:15am On Nov 25
wanna like believe politicians dey misery you in your nightmare daily
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Penguin2: 6:47am On Nov 25
ecolime:

It's not really about Otedola.

This is a case of hand of Esau but voice of Jacob. Pretty obvious Awosika, Otudeko and Co. are trying to regain power using Otedola.

Na normal high level board room politics.

You might not be far from the truth.

But I would have thought that First Bank hierarchy is still loyal to Awosika and Otudeko to an extent and as such they weren’t supposed to oppose their tacit plan of takeover.

That is supposing they are the ones using Otedola as a front.

6 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by BabaIbo: 6:48am On Nov 25
I don't like this bank from day one.

My dislike for them increased when they swallowed money belonging to my guy tru ATM issue.

2 Likes

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Kobicove(m): 6:54am On Nov 25
I'm with the CBN on this
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by Kobicove(m): 6:56am On Nov 25
Penguin2:
I think First Bank hierarchy doesn’t like Otedola’s face.

That’s why they are issuing statements in favor of Odukale.

I wonder the issue they have with Otedola.

That's probably because Odukale would be a better fit for them if they want to uphold ethics of corporate governance!

3 Likes 2 Shares

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by OderaOdesigo: 7:27am On Nov 25
Fahdiga:
Tinubu owns first Bank and must be probed

Oponu radarada, so let’s even assume he owns First Bank, you are saying that as a private individual and businessman, he has no right to own shares in any company in Nigeria? Nairaland is so full of you dumb-asses who reason through your behind.

First Bank is a Plc and EVERY NIGERIAN can own shares in it. Even those serving in public office now also can, so long as it’s done properly and declared appropriately.

Seun and his team may like the traffic on this forum but it’s mainly made up (90%) of dumb and thuggish goons who openly celebrate ignorance of even the most basic of facts and compete for who is the most abusive.

4 Likes 1 Share

Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by clothingonline(m): 7:27am On Nov 25
They are playing games in banking sector


Affordable men clothing payment on delivery
Re: First Bank: CBN Breaks Silence, Says No Individual Can Own The Bank by TMANO: 7:45am On Nov 25
pool of contributors funds, so what interest will they pay the funds contributors? #1.50k as usual. thieves.

1 Like

(1) (2) (Reply)

Sales And Distribution Business / Intercontinental Bank Has Become Useless / Skill Acquisition: Help My Sister Suggest A Good Skill To Learn.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 103
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.