Otedola Takes Control: First Bank Stake Climbs to 11.63% After Fresh Share Purchase
By Mr. Femi Otedola, billionaire businessman and Chairman of First Bank Nigeria (FBN) Holdings Plc, has acquired an additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited (NGX). This purchase, valued at N17.219 billion with shares traded at N21.58 each, further solidifies Otedola’s majority stake, raising his shareholding to 11.63%, the highest in the company.
Just last week, Otedola increased his stake in FBN Holdings with the purchase of 546,674,034 units of shares valued at N12.01 billion. The shares were bought through Calvados Global Services Limited at N21.97 per share.
Before these recent acquisitions, Otedola held a 7.01% stake in the bank, trailing behind Oba Otudeko’s Barbican Capital Limited, which held an 8.67% stake. This strategic move positions Otedola as a leading shareholder, further emphasizing his influence in Nigeria’s financial sector.