The Central Bank of Nigeria (CBN) has released a new bank investor policy that could cause a setback for the majority shareholders of FBN Holdings in their fight against Oba Otudeko.
In the new investor policy, which is part of a new ‘corporate governance guidelines’ released on Saturday, but dated July 13, 2023, investors in financial holding companies (FHCs) are not allowed to enter into an agreement which results in the change of the holding company’s control.
Also, shareholders of a holding company are prohibited from entering an agreement that increases the stake of another investor to 5 per cent and above or transfer five per cent stake to another shareholder.
