Nigerian billionaire Femi Otedola increases stake in FBN Holdings to 11.63% with a N17.2 billion purchase of 2.22% additional shares. This move cements his position as the largest shareholder, surpassing previous majority holder Barbican Capital Limited, and potentially influencing the company's future direction.
Nigerian billionaire Femi Otedola has significantly increased his stake in FBN Holdings, acquiring an additional 2.22% of shares. This latest purchase, valued at N17.2 billion for 797,946,415 shares, brings Otedola's total shareholding to 11.63%, solidifying his position as the company's largest individual investor.
This move comes shortly after Otedola's previous acquisition of 863,180,810 shares for N18.9 billion, which had increased his stake to 9.41%. The rapid succession of purchases demonstrates Otedola's strong commitment to expanding his influence within FBN Holdings.
With this latest acquisition, Otedola's total shares in FBN Holdings now stand at 4,178,409,365, surpassing Barbican Capital Limited's 3,110,400,619 shares. This shift in ownership structure could potentially impact the company's strategic direction and governance.
Otedola's growing involvement in FBN Holdings began in December 2021 when he became the single largest shareholder with a 7.57% stake. His influence further increased in January when he was appointed chairman of the company's board of directors.
The billionaire's aggressive investment strategy, reportedly totaling over N100 billion in FBN Holdings shares over the past three years, reflects his confidence in the company's potential and his desire to play a significant role in its future
This development marks a notable shift in the Nigerian banking sector's landscape, potentially influencing industry dynamics and sparking increased interest from other investors in the financial services market.
