Femi Otedola Increases FBN Holdings Stake To 7.57%, Spends N44.8 Billion

Femi Otedola, a billionaire investor and chairman of the Geregu Power Plant, has increased his stake in FBN Holdings (the parent firm of First Bank) to 7.57 %.

Mr. Femi Otedola revealed this in a letter to the bank dated December 9, 2021. According to the public statement of ownership that has recently been disclosed, he is now the bank’s single largest majority stakeholder.

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According to reports monitored by iexclusivenews, Nairametrics had reported an estimated 1.1 billion units of FBN Holding shares exchanged in the last 4 days suggesting that the battle for the control of one of the most important banks in Nigeria is still raging on.

We also reported that the recent purchases are not unconnected with the latest tussle for shares of the bank and believe a statement is imminent in the coming days.

According to a reliable source, “an announcement will be made soon that will reveal a significant change in the majority ownership of the bank.” The latest announcement by Mr. Femi Otedola confirms our intelligence on the matter.

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In the letter seen by Nairametrics, Mr. Femi Otedola acquired the additional shares through his proxies Calvados Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy.

In a letter addressed to the bank, Mr. Femi Otedola informed the bank that he has now acquired 7.57% ownership in the bank “I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57% percent of the issued shares capital of the Company.”

Mr Femi Otedola also copied the Securities and Exchange Commission, Nigeria Exchange Ltd, and the Central Bank in the letter.

Over 44 billion invested

According to our sources, Mr. Femi Otedola has now spent a whopping N44.8 billion investing in FBN Holdings Ltd. Considering he has just announced 2.7 billion shares, his average cost of acquiring the shares is about N16.48 per share. FBN Holding’s share price closed at 11.6 per share yesterday.

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This acquisition effectively makes Mr. Femi Otedola the largest shareholder of FBN Holdings based on reported ownership in the bank. Nairametrics also understands the billionaire investor will be allowed to make board appointments very soon with 3 board seats guaranteed at the bank and holding company.