Mr. Femi Otedola, billionaire businessman and chairman of First Bank Nigeria (FBN) Holdings Plc, acquired an additional 797,946,415 shares of the company through the Nigerian Exchange Limited (NGX) yesterday to maintain his majority stake.
This acquisition was disclosed in a corporate filing on the NGX. The shares were traded at N21.58 each, amounting to a total value of N17.219 billion. With this new purchase, Otedola’s shareholding has now increased to 11.63%, making him the largest shareholder in the company.
Just last week, Otedola increased his stake in FBN Holdings by purchasing 546,674,034 shares valued at N12.01 billion through Calvados Global Services Limited, at a price of N21.97 per share on the Exchange.
Before these recent acquisitions, Otedola held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited, which held an 8.67% stake.
