In the past couple of days there has been huge volume of transactions on First Bank shares as the person with the most shares in First Bank; Alhaji Arisekola Alao ( some were kept in proxy for him by Otunba Otudeko) has sold his shares to Mike Adenuga making Mike Adenuga the new de facto owner of First Bank.
They were rumors however that Bola Tinubu was also involved with Adenuga as proxy to use the bank for the 2015 elections the way the Saraki's used SGBN to dethrone a sitting governor in Kwara State. However, it might just be due marketing strategies by other bank competitors. It is most likely that Chief Arisekola is broke and wants to cash out from a lucrative investment.
SOURCE: http://www.theoctopusnews.com/first-bank-acquisition-depositors-panick-over-asiwaju-bola-tinubu-and-otunba-mike-adenugas-allege-takeover-embark-on-mass-withdrawal/
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