June 24, 2024

Otedola buys fresh 797.9m FBN Holdings shares

Femi Otedola appointed chairman First Bank Holdings

… As stake hits 11.63%

By Peter Egwuatu

Femi Otedola, billionaire businessman and chairman of FBN Holdings Plc, on Monday acquired an additional 797,946,415 units of First Bank Nigeria,FBN Holdings Plc shares  from the Nigerian Exchange Limited, NGX, to sustain its majority stake in the company.

The acquisition was disclosed in a corporate filing on the NGX, as the shares were traded at N21.58 per share valued at N17.219 billion, representing 2.22 percent increase in shareholding.

The fresh acquisition further shows that Otedola ‘s shareholding has now reached 11.63 percent,  the highest in the company.

It will be recalled last week, Otedola, increased its stake in FBN Holdings, with the purchase of N546, 674, 034 units of shares valued at N12.01billion. Otedola bought the shares through Calvados Global Services Limited at a price of  N21.97 per share at the Exchange.

The billionaire businessman before then has 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.