Nigerian billionaire Femi Otedola, the Chairman of FBN Holdings, has regained his place as the bulk shareholder of First Financial institution.
Otedola now holds a 9.41 per cent stake within the financial institution after buying N18.9 billion value of the group’s shares on the Nigerian Alternate on June 20.
Based on a company discover on Thursday, Otedola instantly acquired 316,506,776 shares at a share worth of N21.91 every, amounting to N6.935 billion.
He then acquired 546,674,034 shares at N21.97 every, amounting to N12.01 billion, by means of his holding firm, Calvados World Providers Restricted.
Otedola beforehand held a 7.01 per cent stake within the financial institution, behind Oba Otudeko’s Barbican Capital Restricted, which holds an 8.67% stake.
Along with his acquisition of 863,180,810 shares, he elevated his complete stake within the group to 9.41 per cent.
Otedola’s acquisition accounted for 99 per cent of FBN Holdings’ turnover quantity of 871.084 million shares on the NGX.
Femi Otedola, who rejoined the Forbes Billionaires Listing this yr, is now the bulk shareholder in two main Nigerian firms, FBN Holdings and Geregu Energy Plc.
He additionally owns the second-largest single particular person shareholding for any publicly listed financial institution, behind Jim Ovia’s 11.29 per cent shareholding of Zenith Financial institution.
The competition for almost all stake in FBN Holdings dates again to December 2021, when Femi Otedola elevated his shareholding from 5.07 per cent to 7.57 per cent.
The competition for almost all stake in FBN Holdings dates again to December 2021, when Femi Otedola elevated his shareholding from 5.07% to 7.57%.
Otedola in late 2021 acquired a 7.6 per cent interest within the monetary providers group. He displaced Tunde Hassan-Odukale to take the lead place however then held a 5.57 per cent stake in response to the unaudited report of the lender for the primary half of 2023.
Hassan-Odukale pursuits stood at 4.40 per cent on the finish of the identical interval.
Once more, in October 2023, Otedola was listed as the most important shareholder of First Financial institution of Nigeria Holdings Plc, regardless of the acquisition of 4.7 billion models of FBNH shares by the previous chairman of the group, Oba Otudeko.
This was revealed within the unaudited consolidated financial statements for the interval ended September 30, 2023, of the monetary establishment filed with the Nigerian Alternate Restricted.
In February this yr, the First Bank of Nigeria Holdings appointed Otedola the brand new chairman of its board of administrators.
Sharing an image of the announcement on his Instagram web page, he wrote, “Attention-grabbing”, and added smiley and greenback emojis.”