Nigerian billionaire, Femi Otedola, the Chairman of FBN Holdings has regain

Nigerian billionaire, Femi Otedola, the Chairman of FBN Holdings has regained his position as the majority shareholder of First Bank. 

He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group's shares in the NGX today, June 20. 

This is according to a corporate notice filed by the financial institution on the website of the NGX.

Otedola's acquisitions
According to a filing seen by Nairametrics, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion. 

He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited. 
Otedola previously held a 7.01% stake in the bank, behind Oba Otudeko's Barbican Capital Limited which holds an 8.67% stake. 
Thus, by acquiring an additional 863,180,810 shares, he has added 2.40% to his previous stake, thus increasing his total stake in the group to 9.41%.
Journey majority stake 
The pursuit of a majority stake in FBN Holdings has been a dynamic journey, beginning in October 2021 when Femi Otedola first announced that he had secured a 5.07% shareholding. Following this, in December 2021, Otedola increased his stake further to 7.57%, marking a significant leapNot a valid attachment ID.





https://nairametrics.com/2024/06/20/otedola-regains-position-as-first-banks-majority-shareholder-increases-stake-to-9-41/

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