Afrigather FBN Holdings Chairman, Femi Otedola, has elevated his possession within the firm, strengthening his place as the only largest shareholder within the firm.
Otedola purchased a further 797,946,415 shares at a mean value of N21.58 every. This buy, price N17.2 billion, elevated his whole funding to N36.1 billion not too long ago, elevating his whole possession within the financial institution to 11.64%.
He’s now the one shareholder with greater than 10% of the financial institution’s shares.
This follows a big buy of N18.9 billion final week, which introduced his shareholding to 9.41%. He now owns 4.178 billion shares out of the corporate’s 35.895 billion whole shares.
Background on Femi Otedola’s Investments
Femi Otedola, one of many 4 Nigerian billionaires recognised by Forbes, has put about N102 billion into FBN Holdings over the previous three years.
His journey to achieve a serious stake started in October 2021 when he first acquired a 5.07% shareholding. By December 2021, he elevated his stake to 7.57%. In 2022, he diminished his share to five.24% however began shopping for extra shares in 2023 amid ongoing possession disputes.
A evaluate by the Central Financial institution early in 2024 confirmed that solely Otedola and Oba Otudeko’s Barbican Capital owned over 5% of the shares. By the top of the primary quarter of 2024, Otedola’s shareholding had elevated to 7.01%, making him the most important shareholder.
READ ALSO: Femi Otedola’s Companies Surge: N1.92 Trillion Gains in Q1 2024
What This Means for Femi Otedola
Initially making his wealth within the vitality sector, Otedola’s transfer into the monetary trade has made him the one Nigerian billionaire (in greenback phrases) to personal a majority stake in a industrial financial institution.
His ongoing investments present a robust perception within the financial institution’s future and the general monetary sector. His possession now accounts for about 13% of FBN Holdings’ N759 billion market worth, which reached one trillion earlier this yr throughout a market upturn.
Because the financial institution appears to presumably difficulty new shares to fulfill its N500 billion minimal share capital requirement, Otedola might need an opportunity to additional improve his stake, exhibiting his affect and dedication to FBN Holdings’ development.
