Billionaire businessman and chairman of First Bank Nigeria (FBN) Holdings Plc, Femi Otedola, has further consolidated his position as the majority shareholder of the company. On Monday, Otedola acquired an additional 797,946,415 shares of FBN Holdings through the Nigerian Exchange Limited (NGX), bringing his total stake to 11.63%.
The latest acquisition was confirmed in a corporate filing on the NGX. The shares were purchased at N21.58 each, amounting to a total investment of N17.219 billion.
This purchase comes shortly after Femi Otedola increased his stake in FBN Holdings last week with the acquisition of 546,674,034 shares valued at N12.01 billion. These shares were bought through Calvados Global Services Limited at a price of N21.97 per share.
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Prior to these recent transactions, Otedola held a 7.01% stake in FBN Holdings, trailing behind Oba Otudeko’s Barbican Capital Limited, which owned an 8.67% stake. With his latest acquisitions, Otedola has now overtaken Otudeko as the largest shareholder in the bank.
This strategic move by Otedola not only cements his influence within FBN Holdings but also demonstrates his continued commitment to strengthening his investment in the financial sector.
