As investors reacted poorly to the shareholder crisis now playing out at the bank, FBN Holding’s share price dropped by 10% for the second day in a row.
According to Nairametrics, checks show that the share price, which had reached a two-decade high of N22.3 per share, had dropped by 20% over the previous two days.
On Thursday, the share price reached a low of N17.45 per share, making it one of the exchange’s worst-performing equities.
The reason for the decline is that it appears that investors are adversely responding to the shareholder conflict at the bank as a result of the announcement of a 13.3% stake by Barbican Capital Ltd.
Analysts believe that the letter from Ecobank’s solicitors and Honeywell’s reaction may have also had a negative impact on investors.
As the situation continues, regulators have also been silent, which has increased doubt about who will take control of the bank.
It is worth noting that FBN Holdings, as a holding firm, is fundamentally sound based on its efficiency ratios.
