Nigerian billionaire businessman, Femi Otedola, the Chairman of FBN Holdings, has acquired an additional 2.22% stake in First Bank.
Gatekeepers News reports that this development comes four days after Otedola regained his position as the majority shareholder of First Bank after acquiring N18.9 billion worth of shares.
With this latest purchase, Otedola’s shareholding in the bank has increased to 11.63%, solidifying his position as the largest shareholder.
He has acquired 797,946,415 units of First Bank shares from the Nigerian Exchange Limited (NGX). The shares were traded at N21.58 per share, valued at N17.219 billion, representing a 2.22% increase in shareholding.
Otedola spent over N100 billion on FBN Holdings shares in three years. In January, FBN Holdings appointed Otedola as the chairman of its board of directors. He 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.
This new development means Otedola has displaced Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.
The acquisition was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday.
