FBN Holdings announces share trade restriction for sensitive individuals
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
FBN Holdings has announced a restriction in the trading of its equities on the floor of the Nigerian Stock Exchange (NSE) by its employees, consultants and those who have sensitive information that could sway the price of the stock at the market.
The restriction according to the bank is as a result of the consideration of its 2018 audited financial statements scheduled to be held Wednesday, March 11, 2019.
Sources close to the bank, hint that the bank is projecting further reduction in its non-performing loans (NPL) in 2018, a major snag to the profit position of the lender. The sources also disclose that the bank’s NPL is projected to fall below 10 percent by the end of 2019 as the bank’s board commits aggressively to provisioning.
Towards the considerations, the lender disclosed that “there will be a closed period from Tuesday, February 26, 2019 till 24 hours after the accounts are filed with the Nigerian Stock Exchange (NSE), in line with rule 17.1 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015).
“This is to inform the public and our stakeholders that the board of directors of FBN Holdings Plc will be meeting to consider the 2018 audited financial statements, on Wednesday, March 11, 2019,” a statement from the bank signed by Seye Kosoko, company secretary and filed with the NSE, said.