Femi Otedola, billionaire businessman and chairman of FBN
Holdings, has regained his position as the majority shareholder of First Bank.
According to corporate filings on the Nigerian Exchange
Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.
This became possible after he purchased the group’s shares
valued at N18.9 billion.
According to the corporate filings, the billionaire paid
N21.91 per share or N6.935 billion for 316,506,776 shares.
He then bought an additional 546,674,034 shares through
Calvados Global Services Limited, his holding company, for N21.97 per share —
totalling N12.01 billion.
With this, the number of shares recently acquired totalled
863,180,810.
The fresh acquisition has increased Otedola’s shares (direct
and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.
This means the businessman is now the highest shareholder in
the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which
has 3,110,400,619 direct shares.
In January, FBN Holdings appointed Otedola as the chairman
of its board of directors.
The appointment came two years after the investor became the
firm’s single largest shareholder in December 2021, when he increased his stake
to 7.57 percent.
A month after the appointment, FBN Holdings named Barbican
Capital Limited as its majority shareholder — making Otedola the second major
shareholder at the time.
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