Billionaire Businessman, femi Otedola Ups Stake in First Bank of Nigeria Holdings

Billionaire businessman, Femi Otedola, has further strengthened his grip on First Bank of Nigeria Holdings (FBN) by acquiring additional shares in the company. According to a recent filing with the Nigerian Exchange Limited, Otedola purchased 9,193,339 units of shares valued at N183,438,702.50 in two separate transactions.

The first transaction involved the purchase of 1,228,141 units of shares at N20.30 per share, totaling N24,931,262.30. The second transaction saw him acquire 7,965,198 units of shares at N19.90 per share, amounting to N158,507,440.20.

This latest development is part of a series of strategic moves by Otedola to increase his stake in FBN Holdings. Last Monday, he purchased a massive 797.7 million units of the company’s shares valued at N17.2 billion, raising his holding to 11.6%. This surpassed the 8.7% held by Oba Otudeko, his closest rival.

In a separate transaction last Thursday, Otedola acquired 863.2 million shares in two deals that accounted for over 99% of FBN Holdings’ trading activities. The shares were purchased directly in his name and through his nominee company, Calvados Global Services Limited.

With these recent purchases, Otedola’s influence on FBN Holdings has grown significantly, solidifying his position as one of the leading shareholders in the company.