Yemisi Izuora/Ijeoma Agudosi
FBN Holdings Plc said it has obtained the requisite approval from the Central Bank of Nigeria to divest from FBN Microfinance Bank Limited, with the commencement of sale to Letshego Holdings Ltd, a Botswana based financial services company.
According to the statement on the Nigerian Stock Exchange Website, FBN Holdings Plc has executed through a Sale and Purchase Agreement (SPA) with Letshego Holdings Limited to sell its shares to Letshego. We expect that the sale will be concluded before the end of the current financial year.
FBN Microfinance Bank contributed 1.6 percent to the group’s gross earnings in 2014 during when it reported a gross earnings and profit before tax of N1.3 billion and N283 million respectively.