Otedola Regains His Position as the Majority Shareholder of First Bank
Otedola Regains His Position as the Majority Shareholder of First Bank

Otedola Regains His Position as the Majority Shareholder of First Bank

Otedola Regains His Position as the Majority Shareholder of First Bank

Femi Otedola, billionaire businessman and chairman of FBN holdings, has regained his position as the majority shareholder of First Bank.

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

This became possible after he purchased the group’s shares valued at N18.9 billion.

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316 million, 506 thousand and 776 shares.

He then bought an additional 546 million, 674 thousand and 34 shares through calvados global services limited, his holding company, for N21.97 per share — totaling N12.01 billion.

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN holdings to three billion, 380 million, 462 thousand and 950 — from 2 billion, 517 million, 282 thousand and 140 shares.

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The Thursday acquisition helped Mr Otedola, who is the chairman of FBN Holdings’ board of directors, regain his position as the biggest shareholder, having lost the coveted honour last year to Barbican Capital Limited in which Obafemi Otudeko, the group’s former chairman, has significant control.

With the new acquisition, Mr Otedola’s holding now stands at 11.6 per cent compared to Mr Otudeko’s 8.7 per cent.

FBN Holdings has shed 15.1 per cent of its market value since the beginning of the year, placing it in the 130th position in terms of performance of the 154 stocks listed on the Nigerian Exchange.

The group reported a fourfold leap in net profit to N208.2 billion in the first quarter of the year. Total assets stood at N21.6 trillion compared to N16.9 trillion at the end of last year.

In January, Mr Otedola spent N6 billion in acquiring shares in Dangote Cement Plc, currently Nigeria’s biggest company by market capitalisation with a valuation of N11.2 trillion.

Shares in Geregu Power, where Mr Otedola holds the controlling stake, has returned 900 per cent since the company went public in October 2022.

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