Femi Otedola increases his stake in First Bank of Nigeria Holdings to 13.15% after purchasing 534 million shares for N16 billion. This move elevates his total shares to over 4.7 billion, surpassing Barbican Capital's 8.67% stake amid ongoing legal disputes over share ownership.
Femi Otedola, chairman and major stakeholder of First Bank of Nigeria (FBN) Holdings, has increased his ownership in the financial institution to 13.15%. This move follows his acquisition of 534,094,407 shares valued at approximately N16.02 billion, completed between September 23 and September 25.
FBN Holdings disclosed the acquisition in a recent announcement to the capital market, noting that Otedola's shareholding has risen from 4,187,602,704 shares (11.67%) to 4,721,697,111 shares (13.15%). As of the latest valuation, these shares are estimated to be worth around N136.9 billion. This acquisition further establishes Otedola's position ahead of the second-largest stakeholder, Barbican Capital Limited, which holds an 8.67% stake, equivalent to 3,110,400,619 shares valued at about N90.2 billion.
Barbican Capital, owned by Oba Otudeko, is embroiled in a legal battle concerning the exact number of shares it claims to own. The company has filed a lawsuit against FBN Holdings, asserting it possesses approximately 5,386,397,202 shares, or 15.1% of the total. Barbican contends that its acquisitions have been properly recorded by Meristem Registrar and validated by the Central Securities Clearing System (CSCS).
However, FBN Holdings has challenged Barbican's claims, stating that the Central Bank of Nigeria (CBN) verified only 3,110,400,619 shares due to insufficient documentation provided by Barbican during the verification process. The dispute continues as both parties navigate the ongoing legal issues.
