•Buys additional 546.7 million units of shares

By Peter Egwuatu

Chairman, FBN Holdings Plc, owners of FirstBank Nigeria Limited, Mr. Femi Otedola, yesterday, increased his shareholding in the company by purchasing additional 546. 674 million units of shares valued at N12.01 billion.

Information from the Nigerian Exchange Limited, NGX revealed that Otedola bought the shares through Calvados Global Services Limited at a price of N21.97 per share at the Exchange.

Otedola, before now, had a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which holds an 8.67% stake.

Otedola, has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil was later sold and renamed Ardova.

Geregu Power, which he took to public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.

Otedola has held several board memberships, including President of the Nigerian Chamber of Shipping and was also the past Chairman of Transcorp Hilton Hotel, Abuja.