New CBN rule requires investors to get approval to acquire 5% stake in holding companies | TheCable

The apex bank said any investor looking to acquire up to 5 percent of any FHC would need prior approval from it.

Banks such as UBA Group, First City Monument Bank , Stanbic IBTC Bank, Access Bank and First Bank have adopted the holding company structure to diversify their portfolio and earnings.The directive is contained in a circular dated July 13, 2023 and signed by Chibuzo Efobi, director of the financial policy and regulation department.

i. a change in the control of the FHC, the transfer of shareholding of five per cent and above in the FHC; and/or an increase in shareholding to five per cent or more in the FHC.

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