Otedola regains position as biggest shareholder in First Bank

The Chairman of FBN Holdings, Femi Otedola, has regained his position as the majority shareholder of First Bank, holding a 9.41 per cent stake in the bank.

Otedola became the biggest shareholder of First Bank after acquiring N18.9 billion worth of the bank’s shares on the Nigerian Exchange Group (NGX) on Thursday, June 20, 2024.

The billionaire 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.

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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 now the majority shareholder in two major Nigerian companies, FBN Holdings and Geregu Power Plc.

He also owns the second-largest single individual shareholding for any publicly listed bank, behind Jim Ovia’s 11.29 per cent shareholding of Zenith Bank.

The Star