Abbey Bank, First HoldCo lead shareholder shake-up at Nigerian banks in 9M 2026

Shareholding structures across Nigerian Exchange (NGX)-listed banks recorded varying changes in the nine months ended September 30, 2026, with Abbey Bank, First HoldCo and Sterling Financial Holdings accounting for the most significant changes.

Nairametrics analysis of the financial statements of banks that filed unaudited results shows that Abbey Bank recorded the sharpest expansion in ownership concentration.

Its substantial shareholders controlled 79.77% of issued shares by September 2026, compared with 36.73% in December 2025.

First HoldCo also recorded a significant increase in Femi Otedola’s disclosed indirect holding, while Sterling Financial Holdings experienced a reduction in the combined ownership percentage of its two largest shareholders following an expansion in its share capital.

However, several banks reported no change in issued share capital or disclosed controlling ownership during the period. Our analysis distinguishes changes in actual shareholdings from percentage movements caused by new share issuance.

Access Holdings Plc recorded an increase in issued shares from 53.318 billion in December 2025 to 54.376 billion in September 2026, representing an addition of approximately 1.058 billion shares.

The increase followed a rights issue, which contributed N529 million to share capital and N20.589 billion to share premium.

The company recorded total proceeds of N21.424 billion before transaction costs of N306 million.

The enlarged share base means shareholders’ ownership percentages would depend on their participation in the rights issue. However, the financial statements do not provide sufficient shareholder-level information to establish which named investors increased or reduced their stakes.

Sterling Financial Holdings recorded a significant expansion in its issued shares, which increased from 54.69 billion in December 2025 to 68.50 billion in September 2026. This represents an increase of 13.812 billion shares, or approximately 25.3%, following a public offering completed in 2025.

However, the NGX delisted Sterling’s 68.50 billion existing ordinary shares on October 8, 2026, and simultaneously listed 6.85 billion shares after the lender completed its 1-for-10 share reconstruction and resumed trading at a reference price of N77.00, compared with N7.70 before the exercise.

The expansion reduced Cardinal Stone Asset Management’s ownership percentage from 30.47% to 24.33%, although its actual holding remained unchanged at 16.667 billion shares.

Silverlake Investments increased its holding by 301.72 million shares to 13.617 billion. However, its ownership percentage declined from 24.35% to 19.88%.

Consequently, the combined stake of the two substantial shareholders fell from 54.82% to 44.21%, representing a decline of 10.61 percentage points.

The company had 130,745 shareholders holding 68.502 billion shares at September 2026. Foreign investors accounted for 23.60% of the shareholding.

First HoldCo recorded one of the most notable shareholder movements, with Mr. Femi Otedola’s indirect holding increasing by approximately 5.402 billion shares to 8.893 billion.

The billionaire’s indirect ownership rose from 8.34% to 19.56%, while his direct holding remained unchanged at 3.251 billion shares.

Combining both interests, Otedola held approximately 12.144 billion shares, equivalent to 26.71%, compared with 16.10% in September 2025.

First HoldCo’s issued shares also increased by 1.021 billion during 2026 following a private placement.

Abbey Bank recorded the most significant ownership restructuring among the banks reviewed, following a sharp expansion in its issued share capital.

Its issued shares increased from 10.154 billion in December 2025 to 36.716 billion in September 2026, representing an addition of approximately 26.563 billion shares, or 261.6%.

Four new shareholders crossed the 5% ownership threshold: Archetype Energy Services, CardinalStone Asset Management, VFD Group and Jotani Investments.

AbdulGaniyu Olajide Adeola increased his holding to 6.996 billion shares, while Herel Limited raised its stake to 6.784 billion shares.

However, the bank’s free float fell sharply from 57.59% to 18.68%. Abbey Bank acknowledged that this was below the NGX Main Board requirement and said it was working with the exchange to regularise the position.

Several other banks reported no material changes in their ordinary share capital during the period.

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