The chairman of FBN Holdings and billionaire from Nigeria, Femi Otedola, has reclaimed his position as First Bank’s largest shareholder.
After purchasing N18.9 billion worth of the group’s shares in the NGX today, June 20, he now has a 9.41% interest in the bank.
THE MATRIX was able to retrieve a corporate notification that stated Otedola had directly purchased 316,506,776 shares at a price of N21.91 a share, for a total of N6.935 billion.
He then bought 546,674,034 shares through his holding firm, Calvados Global Services Limited, for N21.97 per share, or N12.01 billion.
Read also: FBN Holding chairman, Femi Otedola reaches out-of-court settlement with Jim Ovia’s Zenith Bank
Otedola previously held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which holds an 8.67% stake. With his acquisition of 863,180,810 shares today, he acquired 2.40% of the group’s total shareholding, thus increasing his total stake in the group to 9.41%.
Otedola’s acquisition accounted for 99% of FBN Holdings’ turnover volume of 871.084 million shares on the Nigerian Exchange (NGX) today.
The contest for the majority stake in FBN Holdings dates back to December 2021, when Femi Otedola increased his shareholding from 5.07% to 7.57%. Prior to this period, Otedola had been incrementally building his stake to 5.07% before making the significant leap to 7.57%.
Read also: Report: Otedola Releases Bank Statement Claims Is “Proof” How Zenith Bank Engaged In “Fraudulent Activities” On Seaforce Shipping Account
By mid-2022, Otedola reduced his stake to 5.24%, divesting approximately 30% of his shareholding in the group. However, by July 2023, Oba Otudeko reemerged in the scheme of things, through his company Barbican Capital Limited.
Otudeko, via Barbican Capital, increased his stake in FBN Holdings to 8.67%, a figure confirmed in the group’s audited financial statement for 2023.
Despite Otedola assuming the role of Chairman of FBN Holdings in January 2024, concerns persisted regarding Otudeko’s potential influence within the bank.
Read also: Femi Otedola Appointed Board Chairman of First Bank Holdings
First Bank management changes
2024 has been an active year for First Bank of Nigeria Limited and its parent company, FBN Holdings.
From Femi Otedola assuming the position as the Chairman of FBN Holdings, to Adesola Adeduntan stepping down as First Bank’s MD, then to Olusegun Alebiosu stepping in as the new MD of the bank, and Ebenezer Olufowose stepping in as the board chairman of First Bank of Nigeria.
Femi Otedola who rejoined the Forbes Billionaires List this year, is now the majority shareholder in two major Nigerian companies, FBN Holdings and Geregu Power Plc.
He now also owns the second largest single individual shareholding for any publicly listed bank, behind Jim Ovia’s 11.29% shareholding of Zenith Bank
