Shareholding structures across Nigerian banks recorded significant changes in the first nine months of 2026. Abbey Bank, First HoldCo and Sterling Financial Holdings recorded some of the biggest movements.
An analysis of unaudited financial statements showed changes in major investors’ holdings between December 2025 and September 2026. The developments reflected new share issues, private placements and changes in ownership concentration.
Abbey Bank Records Biggest Ownership Shift
Abbey Bank recorded the sharpest increase in ownership concentration. Its substantial shareholders controlled 79.77 per cent of issued shares in September 2026, compared with 36.73 per cent in December 2025.
The bank’s issued shares also increased from 10.15 billion to 36.72 billion. Six major investors held a combined 29.29 billion shares during the period.
The new investors included Archetype Energy Services, CardinalStone Asset Management, VFD Group and Jotani Investments. The bank’s free float also declined to 18.68 per cent.
Otedola Increases Stake in First HoldCo
First HoldCo also recorded a significant ownership change involving billionaire businessman Femi Otedola.
His disclosed indirect holding increased to 8.89 billion shares from 3.49 billion shares. This raised his indirect ownership to 19.56 per cent.
When combined with his direct holding, his total interest stood at approximately 26.71 per cent. Meanwhile, substantial shareholders increased their combined ownership to 49.65 per cent.
Sterling and Other Banks Record Changes
Sterling Financial Holdings experienced a decline in the combined ownership percentage of its two largest shareholders. Their combined stake fell to 44.21 per cent from 54.82 per cent.
However, the decline followed an expansion in the company’s issued share capital. This means the percentage movement did not necessarily represent a reduction in the actual number of shares held.
Access Holdings also increased its issued shares by 1.98 per cent following a rights issue. Meanwhile, GTCO, Zenith Bank, Wema Bank and Stanbic IBTC reported no major changes in their issued ordinary share capital.
The developments highlight changing ownership structures across Nigeria’s banking sector as financial institutions adjust their capital bases and attract new investors.
Source: Premium Times ; Abbey Bank announces new significant shareholders
