Otedola raises stakes to 11.64% in FBN holdings

Onwubuke Melvin
Onwubuke Melvin

The Chairman of FBN Holdings, Femi Tedola has raised his ownership stake in the business once more, solidifying his status as the company’s single largest stakeholder.

This was disclosed in a notice to NGX on Monday.

In the notice, the billionaire acknowledged that, at an average price of N21.58, he had purchased an extra 797,946,415 shares of the business. The new acquisition has a transaction value of an astounding N17.2 billion.

This latest acquisition takes his overall stake in the bank now stands at 11.64%, making him the only stakeholder with a shareholding totaling more than 10%.

Recall Ambusiness recently reported that the billionaire had raised his stakes to 9.41% after acquiring shares valued at N18.9 billion. The most recent transaction raises the total to N36.1 billion in a few days.

He now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion

Otedola began acquiring first bank shares in October 2021 when he announced that he had secured a 5.07% shareholding.

Meanwhile, Otedola made a notable leap, when he raised his investment to 7.57% in December 2021.

By the middle of 2022, Otedola had sold off nearly 30% of his group shares, bringing his ownership down to 5.24%. But in 2023, he resumed buying bank shares while the dispute over who held the majority of the firm’s stock persisted.

After a review and confirmation by the Central Bank, only two shareholders stood out as having over 5% of FBN Holdings shares: Oba Otudeko’s Barbican Capital and Femi Otedola.

Otedola officially surpassed Otudeko as the single largest shareholder at the end of the first quarter of 2024, with 7.01% of the bank’s shares verified, up from 5.65% at the end of 2023.

With the most recent acquisition, he now controls a dominant 11.64% of the financial holding company’s shares.

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