Femi Otedola

By Peter Egwuatu

There are feelers that Mr Femi Otedola, may have acquired additional shares of First Bank Nigeria, FBN Holding Plc, from the Nigerian Exchange Limited, NGX this week to increase his stake in the bank.

Market operators say that he has the right to buy more shares from the secondary market if available to increase his holdings in the bank as there are speculations that he has increased his total stake to 7.57 per cent.

However, when Vanguard contacted the spokesperson for the NGX, Mr Clifford Akpolo, he said “I am not aware of any transaction from Femi Otedola as the Exchange is yet to get any notice to that effect. I will find out if any and get back to you”.

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At the time of filling in the report, the NGX spokesperson was yet to respond.

Meanwhile, details of the weekly transactions for the close of the week on Friday showed that investors exchanged 35.346 million units of FBN shares with the price rising by 10 kobo to N11.90 per share from N11.80 per share.

It will be recalled that Otedola previously made piecemeal acquisitions of FBN shares summing up to 5.07 per cent.

If true that he purchased additional shares this week then the purchase will formally consolidate his position as the single biggest shareholder of FBN Holdings, placing him well ahead of his closest rival Tunde Hassan-Odukale, FirstBank’s chairman, whom he has come in contention with since the news of his share acquisitions broke into the open late October.

Vanguard News Nigeria


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