Barely 24 hours after the Central Bank of Nigeria fired the Board Members of First Bank and Holdings, investor demand for the shares rose dramatically today with over 75 million shares traded within that period.
This makes it the stock with the highest volume of trade and value during the day which indicates that there were more willing buyers than sellers. Notwithstanding the FBN Holdings stocks closed 6% lower than their initial price on Thursday after the news went out of the mass layoffs of the leaders at the bank.
An uproar went up yesterday after the CBN exerted its power as a regulator in dismissing the directors of First Bank, considered a very important bank linked to so many significant industries for a range of shortcomings which the bank had been asked to redress but failed to do so over the years.
Some included 1 trillion Naira worth of bad loans in 6 years, exceeding the single-obligator limit for a director, the Chairman in this instance, and multiple other bad loans from the sales of International Oil Companies and some FMCGs.