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Otedola Reclaims Position as First Bank’s Largest Shareholder

Otedola Reclaims Position as First Bank’s Largest Shareholder 

Femi Otedola

The chairman of FBN Holdings, Femi Otedola, a Nigerian billionaire, has reclaimed his place as First Bank’s largest shareholder.

After purchasing N18.9 billion worth of the group’s shares on the Nigerian Exchange on June 20, Otedola currently has a 9.41% ownership stake in the bank.

Otedola personally purchased 316,506,776 shares at a share price of N21.91 apiece, for a total of N6.935 billion, according to a corporate notification on Thursday.

He then bought 546,674,034 shares through his holding firm, Calvados Global Services Limited, for N21.97 per share, or N12.01 billion.

Otedola previously held a 7.01 per cent 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, he increased his total stake in the group to 9.41 per cent.

Otedola’s acquisition accounted for 99 per cent of FBN Holdings’ turnover volume of 871.084 million shares on the NGX.

This year, Femi Otedola made a comeback to the Forbes Billionaires List. He currently holds a majority stake in two significant Nigerian companies, FBN Holdings and Geregu Power Plc.

In addition, he holds the second-largest individual investment of any publicly listed bank, after Jim Ovia’s 11.29% stake in Zenith Bank.

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