Shareholding constructions throughout Nigerian Exchange (NGX)-listed banks recorded various modifications in the 9 months ended September 30, 2026, with Abbey Bank, First HoldCo and Sterling Financial Holdings accounting for probably the most important modifications.
Nairametrics evaluation of the monetary statements of banks that filed unaudited outcomes reveals that Abbey Bank recorded the sharpest enlargement in possession focus.
Its substantial shareholders managed 79.77% of issued shares by September 2026, in contrast with 36.73% in December 2025.
First HoldCo additionally recorded a major enhance in Femi Otedola’s disclosed oblique holding, whereas Sterling Financial Holdings skilled a discount in the mixed possession share of its two largest shareholders following an enlargement in its share capital.
However, a number of banks reported no change in issued share capital or disclosed controlling possession through the interval. Our evaluation distinguishes modifications in precise shareholdings from share actions brought on by new share issuance.
4. Access Holdings’ share rely will increase by 1.98%
Access Holdings Plc recorded a rise in issued shares from 53.318 billion in December 2025 to 54.376 billion in September 2026, representing an addition of roughly 1.058 billion shares.
The enhance adopted a rights subject, which contributed N529 million to share capital and N20.589 billion to share premium.
The firm recorded complete proceeds of N21.424 billion earlier than transaction prices of N306 million.
The enlarged share base means shareholders’ possession percentages would rely upon their participation in the rights subject. However, the monetary statements don’t present enough shareholder-level info to ascertain which named buyers elevated or lowered their stakes.
3. Sterling Financial Holdings – Public supply dilutes main shareholders
Sterling Financial Holdings recorded a major enlargement in its issued shares, which elevated from 54.69 billion in December 2025 to 68.50 billion in September 2026. This represents a rise of 13.812 billion shares, or roughly 25.3%, following a public providing accomplished in 2025.
However, the NGX delisted Sterling’s 68.50 billion existing ordinary shares on October 8, 2026, and concurrently listed 6.85 billion shares after the lender accomplished its 1-for-10 share reconstruction and resumed buying and selling at a reference worth of N77.00, in contrast with N7.70 earlier than the train.
The enlargement lowered Cardinal Stone Asset Management’s possession share from 30.47% to 24.33%, though its precise holding remained unchanged at 16.667 billion shares.
Silverlake Investments elevated its holding by 301.72 million shares to 13.617 billion. However, its possession share declined from 24.35% to 19.88%.
Consequently, the mixed stake of the 2 substantial shareholders fell from 54.82% to 44.21%, representing a decline of 10.61 share factors.
The firm had 130,745 shareholders holding 68.502 billion shares at September 2026. Foreign buyers accounted for 23.60% of the shareholding.
2. First HoldCo – Otedola’s oblique stake rises to 19.56%
First HoldCo recorded one of the notable shareholder actions, with Mr. Femi Otedola’s oblique holding growing by roughly 5.402 billion shares to eight.893 billion.
The billionaire’s oblique possession rose from 8.34% to 19.56%, whereas his direct holding remained unchanged at 3.251 billion shares.
Combining each pursuits, Otedola held approximately 12.144 billion shares, equal to 26.71%, in contrast with 16.10% in September 2025.
- RC Investment Management maintained its holding at 10.434 billion shares, though its possession share declined from 24.92% to 22.94%.
- Overall, substantial shareholders elevated their mixed stake to 49.65% from 41.02%, whereas free float declined to 50.29% from 58.92%.
First HoldCo’s issued shares additionally elevated by 1.021 billion throughout 2026 following a personal placement.
1: Abbey Bank – Substantial shareholders management 79.77%
Abbey Bank recorded probably the most important possession restructuring among the many banks reviewed, following a pointy enlargement 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 roughly 26.563 billion shares, or 261.6%.
- The enlargement coincided with an increase in the variety of substantial shareholders from two to 6.
- The six buyers collectively held 29.289 billion shares, representing 79.77% of the financial institution, in contrast with 36.73% beforehand.
Four new shareholders crossed the 5% possession threshold: Archetype Energy Services, CardinalStone Asset Management, VFD Group and Jotani Investments.
AbdulGaniyu Olajide Adeola elevated his holding to six.996 billion shares, whereas Herel Limited raised its stake to six.784 billion shares.
However, the financial institution’s free float fell sharply from 57.59% to 18.68%. Abbey Bank acknowledged that this was under the NGX Main Board requirement and mentioned it was working with the alternate to regularise the place.
Other banks file steady share capital
Several different banks reported no materials modifications in their peculiar share capital through the interval.
- GTCO maintained 36.55 billion issued shares, whereas its share capital remained N18.28 billion. The main fairness motion was the derecognition of N33.58 billion in treasury shares.
- Stanbic IBTC Holdings retained 15.902 billion issued shares, with Stanbic Africa Holdings sustaining its 68.46% controlling stake. Standard Bank Group remained its final mother or father.
- Wema Bank additionally maintained 40.119 billion issued shares, with Neemtree Limited and SW8 Investment Limited holding a mixed 56.61%.
- Zenith Bank retained 41.07 billion issued shares, with no new share issuance disclosed in its nine-month monetary statements.
- Ecobank Transnational Incorporated (ETI) maintained its peculiar share capital at $2.114 billion. Movements in different fairness devices and non-controlling pursuits didn’t signify modifications in its peculiar shareholder construction.
