Femi Otedola, Chairman of FBN Holdings, has made a significant move in the banking industry by acquiring an additional 2.40% stake in First Bank Holdings.
This increase brings his total holdings to 9.41%, regaining his position as the majority shareholder of the bank.
According to reports, Otedola acquired 863,180,810 shares at N21.91 and N21.97 per share, totaling N18.9 billion.
This massive acquisition accounted for 99% of FBN Holdings’ turnover volume on the Nigerian Exchange (NGX).
Prior to this move, Otedola held a 7.01% stake in the bank, trailing behind Oba Otudeko’s Barbican Capital Limited, which held an 8.67% stake.
However, with this latest acquisition, Otedola has solidified his position as the majority shareholder of First Bank Holdings.
As a prominent businessman and Chairman of Geregu Power Plc, Otedola’s increased stake in First Bank Holdings is expected to have a significant impact on the bank’s operations and strategy moving forward.
Industry observers will be watching closely for any new developments and initiatives that may arise from this change in leadership.
