The exposure draft of revised Financial Holding Company (FHC) guidelines released on on June 10 by the Central Bank of Nigeria, is a harbinger of a profound regulatory realignment that will fundamentally reshape banking sector valuations, ownership structures, and capital allocation strategies not just in Nigeria, but across West Africa. With comments due by July 9, the proposals, which seek to strengthen capital rules, clarify ownership, and streamline cross-border structures, carry profound implications for bank valuations, ownership dynamics, and broader investment strategies in the sector.