Femi Otedola, chairman of FBN Holdings, boosts his stake in First Bank with a N18.9 billion share purchase, now owning 9.41%. His acquisitions through Calvados Global Services Limited increased his total shares to 3,380,462,950, making him the leading shareholder.
Billionaire businessman Femi Otedola has solidified his position as the majority shareholder of First Bank of Nigeria (FBN) Holdings, following a significant acquisition of shares valued at N18.9 billion.
Corporate filings on the Nigerian Exchange Group (NGX) revealed that Otedola purchased 316,506,776 shares directly at N21.91 per share, totaling N6.935 billion, and acquired an additional 546,674,034 shares through his holding company, Calvados Global Services Limited, at N21.97 per share, amounting to N12.01 billion. This transaction increased Otedola's combined shares in FBN Holdings to 3,380,462,950, surpassing Barbican Capital Limited, owned by Oba Otudeko, which holds 3,110,400,619 direct shares.
Otedola's recent acquisition marks a strategic move to consolidate his influence within the company, reaffirming his role as a pivotal figure in FBN Holdings since his initial significant stake increase in December 2021. His ascendancy as the highest shareholder follows his appointment as board chairman earlier this year, underscoring his deepening involvement and influence within the bank's governance structure.
