Business

June 20, 2024

Femi Otedola increases stake in First Bank Holdings, buys 546.7 million units of shares

Femi Otedola appointed chairman First Bank Holdings

By Peter Egwuatu

Mr Femi Otedola, has increased his stake in FBN Holdings, with the additional purchase of N546, 674, 034 units of shares valued at N12.01 billion.

Information from the Nigerian Exchange Limited, NGX on Thursday revealed that Otedola bought the shares through Calvados Global Services Limited for 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 public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.

Vanguard News Nigeria