**CAC filings identify Priscilla Emefienim as a person with significant control of Marginal Energy, the company holding 28.75 billion shares in Premium Trust Bank, while the bank’s managing director holds a separate 3.34% stake in his own name.
TRACKNEWS ONLINE | INVESTIGATIVE REPORT
Questions are mounting over the ownership structure of Premium Trust Bank following revelations about Marginal Energy Limited, a company whose reported shareholding in the financial institution rose to 37.90 per cent through a capital-raising exercise in 2024.
Records cited in an investigation by Naijaonpoint indicate that Emefienim Priscilla Ifeoma, identified in published profiles as the wife of Premium Trust Bank’s Managing Director, Emmanuel Efe Emefienim, was declared a person with significant control of Marginal Energy Limited in March 2023.
The disclosure has raised questions about the beneficial ownership of the company that subsequently emerged as the bank’s single largest shareholder, as well as whether the relevant regulatory and disclosure requirements were fully satisfied.
The records cited in the investigation do not, by themselves, establish that any law was violated.
### The March 2023 Corporate Filing
According to the investigation, Marginal Energy Limited, registered with the Corporate Affairs Commission (CAC) under RC-687587, was incorporated in April 2007 and remains active on the corporate register.
The company’s registered address is Block 2, Edewor Shopping Centre, Effurun, Warri, Delta State.
Its listed directors are Ifeoma Amaka Egwu, Fortune Ewere Iduwe and Theophilus Uwaoma, while Odediran Odediran Olayemi Grace is identified as its company secretary.
However, the investigation highlights a filing dated March 31, 2023, which reportedly identified two persons with significant control of the company: Esan Olayemi and Emefienim Priscilla Ifeoma.
The filing is significant because it reportedly placed Priscilla among the individuals exercising significant control over the company more than 15 years after its incorporation.
Naijaonpoint noted that Priscilla had not previously appeared among the company’s listed directors or officers in the records it reviewed.
The central question is how the ownership and control structure of Marginal Energy evolved before the company acquired its substantial stake in Premium Trust Bank.
### The Bank MD’s Separate Shareholding
The investigation also examined the personal shareholding of Emmanuel Efe Emefienim, the bank’s managing director.
According to the records cited, Emefienim holds 2,531,225,000 shares in Premium Trust Bank in his own name, representing approximately 3.34 per cent of the institution.
Separately, Marginal Energy reportedly holds 28.75 billion shares, equivalent to 37.90 per cent of the bank.
The two interests raise questions about the relationship, if any, between the managing director’s personal investment and the substantial stake held through a company whose declared controllers reportedly include his wife.
However, the available information does not establish that Emefienim personally owns or controls Marginal Energy, nor does the relationship alone prove that the shareholding arrangement was unlawful.
Determining the ultimate beneficial owners would require examination of the company’s ownership records, share acquisition documents, funding sources and relevant regulatory disclosures.
### How Marginal Energy Acquired 37.90 Per Cent
The investigation cites Premium Trust Bank’s audited financial records for the 2025 financial year, which reportedly show total share proceeds of ₦178.65 billion from a capital-raising exercise.
The records reportedly place Marginal Energy’s shareholding at 28.75 billion shares, representing 37.90 per cent of the institution, following the 2024 capital raise.
The reported figures make Marginal Energy the bank’s largest single shareholder.
The investigation argues that a shareholding of this size warrants scrutiny, particularly where questions remain about the identity of the individuals who ultimately benefit from or exercise control over the investment.
It also raises questions about the source of funds used to acquire the shares and the extent to which the transaction and its beneficial ownership were disclosed to the appropriate authorities.
NaijaonpointOnline could not independently establish from the information presented whether the Central Bank of Nigeria reviewed the transaction, whether all applicable approvals were obtained, or whether the relevant disclosures were complete.
### What the Law Requires
Nigeria’s corporate and financial regulatory framework contains provisions governing beneficial ownership, persons with significant control and substantial acquisitions in regulated financial institutions.
The Companies and Allied Matters Act 2020 and applicable persons-with-significant-control regulations provide mechanisms for identifying and disclosing individuals who ultimately own or control companies.
The Bank and Other Financial Institutions Act 2020 and applicable Central Bank of Nigeria regulations also govern significant ownership interests and changes in control involving financial institutions.
Whether any particular provision was breached in the Marginal Energy transaction would depend on the complete facts, the applicable thresholds and requirements, the nature of the ownership arrangement, and the approvals or disclosures made at the relevant time.
The existence of a substantial shareholding through a corporate vehicle is not, by itself, evidence of an offence.
Nevertheless, where a company holds nearly 38 per cent of a bank, transparency about its beneficial ownership and compliance with regulatory requirements are matters of legitimate public interest.
### EFCC, CBN and CAC Questions
The revelations raise several questions that the relevant authorities may wish to clarify.
First, who ultimately funded Marginal Energy’s acquisition of 28.75 billion Premium Trust Bank shares?
Second, what is the precise nature of the beneficial ownership and control arrangement involving Esan Olayemi and Emefienim Priscilla Ifeoma?
Third, were all required disclosures and regulatory approvals obtained before and during the acquisition of the stake?
Fourth, did the bank and the relevant corporate entities accurately disclose their ownership structures in the records submitted to regulators and shareholders?
The Economic and Financial Crimes Commission could examine any credible evidence of financial crime falling within its statutory mandate, while the Central Bank of Nigeria and the CAC could assess matters within their respective regulatory responsibilities.
Any investigation should establish the facts, identify the ultimate beneficial owners where necessary, trace the source of the investment funds and determine whether applicable laws were complied with.
### The Questions Premium Trust Bank Must Answer
The reported 37.90 per cent stake makes Marginal Energy a major shareholder in Premium Trust Bank and places its ownership structure under legitimate public scrutiny.
The key issue is not simply that the managing director’s wife was reportedly named among the controllers of a company holding substantial shares in the bank. It is whether the full ownership structure, funding arrangements and acquisition complied with the applicable legal and regulatory framework.
Premium Trust Bank, its managing director, Marginal Energy Limited and the relevant regulators should be given an opportunity to clarify the transaction and respond to the questions raised by the records.
NaijaonpointOnline’s position: Transparency in banking ownership is essential to public confidence in Nigeria’s financial system. Any concerns arising from the reported transaction should be resolved through documentary evidence, regulatory verification and a fair opportunity for all parties to respond.
Editorial note: This report is based on the details of the investigation and records described above.