First Bank is so big that one person cannot own it

First Bank is so big that one person cannot own it

The Central Bank of Nigeria (CBN) has said First Bank of Nigeria Plc. is too big for one individual to own.

The apex bank on Tuesday weighed in on who is the highest shareholder of the bank which has been in existence for over a decade. Addressing journalists at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja, CBN governor Godwin Emefiele described First Bank as a domestically important bank in Nigeria, if anything happens to the bank that means something is wrong with Nigeria’s banking system.

“First Bank is so big that one person cannot own it”. With regards to who then hold the highest shares of the bank, the CBN governor said CBN will “take SEC’s position as a regulator of the capital market on who is the majority shareholder in the bank”.

Expressing his delight that Nigerians are showing interest in the shares of First Bank which has a direct relation to the intervention of the apex in First Bank six years ago, Emefiele said First Bank’s shares were going for N2 per share but after the intervention, the bank’s shares are now selling for N11.

At the end of the MPC meeting, the committee unanimously voted to retain the Monetary Policy Rate (MPR) at 11.5 percent; retain the MPR at 11.5 percent; retain the Asymmetric Corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent, and retain the Liquidity Ratio at 30 percent.

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