Mr Bayo Olugbemi, the Managing Director, First Registrars Ltd., on Wednesday said that First Bank of Nigeria had
divested from the company.
Olugbemi told newsmen in Lagos that the divestment was perfected under a management buyout.
According to him, the details of the divestment would be made public at the appropriate time.
Olugbemi said that the company might not change its name, but would commence rebranding before December.
“It is not compulsory that the company will do a change of name, but change of brand will be done before the end of the year,” he said.
The divestment was in line with the directive of CBN that banks should divest from all their non-bank subsidiaries.
Mr Bisi Onasanya, the Group Managing Director of First Bank, at its court ordered meeting in September 2012, informed shareholders that the bank would divest from First Registrars.
He said that the proceeds from the divestment would be shared to existing shareholders of the bank as profit.