Otedola buys additional 2.22% stake in First Bank for N17.2bn

The Chairman of FBN Holdings, Femi Otedola, has acquired an additional 2.22 per cent stake in First Bank.

This was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday, June 24, 2024.

The latest acquisition increased Otedola’s shareholding in First Bank to 11.63 per cent, solidifying his position as the largest shareholder.

According to the NGX filing, Otedola spent N17.2 billion to buy 797,946,415 shares at 21.58k.

The purchase comes four days after the billionaire businessman regained his position as the majority shareholder of First Bank after acquiring N18.9 billion worth of the bank’s shares on the NGX.

Otedola regains position as biggest shareholder in First Bank

The Star had reported that Otedola acquired the shares on Thursday, June 20.

The businessman, according to a corporate notice on Thursday, acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.

He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.

Otedola previously held a 7.01 per cent stake in First Bank, behind Oba Otudeko’s Barbican Capital Limited, which holds an 8.67 per cent 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.

The businessman, who rejoined the Forbes Billionaires List in 2024, is the majority shareholder in two major Nigerian companies, FBN Holdings and Geregu Power Plc.

The Star