Shareholding patterns across Nigerian Exchange-listed banks shifted notably in the nine months ended September 30, 2026, with Abbey Bank, First HoldCo and Sterling Financial Holdings recording the most substantial moves, according to analysis of bank financial statements filed with the exchange.
Abbey Bank experienced the sharpest restructuring, with issued shares jumping from 10.154 billion in December 2025 to 36.716 billion by September 2026, an increase of approximately 26.563 billion shares or 261.6%. The expansion brought four new shareholders across the 5% ownership threshold: Archetype Energy Services, CardinalStone Asset Management, VFD Group and Jotani Investments. Substantial shareholders overall tightened their grip, controlling 79.77% of issued shares by September 2026 compared with 36.73% in December 2025. However, the bank's free float fell sharply from 57.59% to 18.68%, falling below Nigerian Exchange Main Board requirements. Abbey Bank said it was working with the exchange to regularise the position.
First HoldCo saw one of the most notable shareholder movements, with Femi Otedola's indirect holding rising by approximately 5.402 billion shares to 8.893 billion, lifting his indirect ownership from 8.34% to 19.56%. Combined with his direct holding of 3.251 billion shares, Otedola held approximately 12.144 billion shares, equivalent to 26.71%, compared with 16.10% in September 2025. First HoldCo's issued shares also increased by 1.021 billion during 2026 following a private placement.
Sterling Financial Holdings recorded a 25.3% expansion in issued shares, which grew from 54.69 billion in December 2025 to 68.50 billion in September 2026 following a public offering completed in 2025. The Nigerian Exchange later delisted Sterling's 68.50 billion existing ordinary shares on October 8, 2026, and simultaneously listed 6.85 billion shares after the lender completed a 1-for-10 share reconstruction and resumed trading at a reference price of N77.00, compared with N7.70 before the exercise. The expansion reduced Cardinal Stone Asset Management's ownership percentage from 30.47% to 24.33%, although its actual holding remained unchanged at 16.667 billion shares. Silverlake Investments increased its holding by 301.72 million shares to 13.617 billion, yet its ownership percentage still declined from 24.35% to 19.88%. The combined stake of the two substantial shareholders fell from 54.82% to 44.21%, a decline of 10.61 percentage points. Foreign investors accounted for 23.60% of the shareholding.
Access Holdings Plc recorded an increase in issued shares from 53.318 billion in December 2025 to 54.376 billion in September 2026, adding approximately 1.058 billion shares. The increase followed a rights issue that contributed N529 million to share capital and N20.589 billion to share premium, generating total proceeds of N21.424 billion before transaction costs of N306 million. Several other banks reported no material changes in their ordinary share capital during the period.