FBN Holdings becomes trillion naira company as market cap crosses N1trn

The market capitalisation of FBN Holdings crossed the N1 trillion mark on Wednesday after the share of the company appreciated by 9.90 percent at the close of stock market trading.

FBN Holdings had closed trading on Tuesday with N26.75 per share and a market valuation of N960.19 billion.

However, after trading on Wednesday, the share gained N2.65 or 9.90 percent to settle at N29.4, up from N26.75 recorded the previous day.

This increased FBN Holdings’ market capitalisation by N95.12 billion to N1.05 trillion and sent it into the trillion-naira stock list on the Nigerian Exchange Limited (NGX).

FBN Holdings joined Airtel Nigeria (N6.62 trillion), Dangote Cement (N5.45 trillion), MTN Nigeria (N5 trillion), BUA Foods (N3.58 trillion), BUA Cement (N3.31 trillion), Seplat (N1.35 trillion), GTCO (N1.16 trillion) and Zenith Bank (N1.13 trillion).

The share of FBN Holdings has continued to appreciate despite the uncertainty surrounding the acquisition of majority shares by Oba Otudeko in July, which led to an ownership tussle in the company, as his acquisition surpassed that of Femi Otedola — who is still named as the majority investor in the company’s third-quarter financial report.

This is despite Otudeko acquiring 4,77 billion units of FBN Holdings’ shares, through Barbican Capital Limited, to hold 13.3 percent stake in the financial company and Otedola accounting for 5.65 percent.

Between July-to-date, FBN Holdings’ share appreciated by N12.35 or 72.4 percent from N17.05 to N29.4.