First Bank shares plunge 6.7 per cent in worst daily drop in three months

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By Wisdom Deji-Folutile

Shares of First Bank of Nigeria Holdings Plc plunged 6.7 per cent in its worst daily drop over the last three months.

Its share price stood at N6.90 on Thursday as investors sold 51.5 million units in the tier-1 lender.

It was the most traded stock by volume and valued at N359.83m.
Although this is its worst decline over 24 hours in the past three months, FBN suffered a more significant slip on January 5, 2021 after falling by 8.28 per cent from N7.85 per share on January 4.

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This report comes less than a day after the Central Bank of Nigeria queried First Bank over the removal of Sola Adeduntan, the bank’s Managing Director and Chief Executive Officer without due consultation with regulatory authorities.
On Thursday, the apex bank fired the entire board of First Bank and reinstated Adedutan as the financial institution’s boss.