Nigeria’s tier 1 bank, FBN Holdings recorded huge trade volumes in the early hours of trade on Monday, October 25th, 2021.
According to information on the stock market trade engines monitored online, about 285,328,138 units crossed, driving up the shares to as high as N12.9 per share.
Our initial thoughts suggest one of the major shareholders might be behind the trade as investors scramble to shore up their ownership of the bank.
Over the weekend, Femi Otedola was first to declare officially that he owned 5.07% of the bank and suggested there were plans to declare more. It is however unclear who is behind the current trade.
This is a developing story….