Billionaire businessman, Femi Otedola, has continued to aggressively purchase the shares of First Bank of Nigeria (FBN) in his bid to consolidate his shareholding status in the bank.

The Star reports that just in three days last week, Otedola spent N2.304 billion to purchase 200 million Ordinary Shares of FBN Holdings Plc, the parent company of First Bank.

In a Notification of Share Dealing by Insiders dated December 15, 2021 and signed by the Company Secretary, Seye Kosoko, Otedola was referred to as Significant Shareholder.

The company secretary stated that four transactions were made by Otedola from December 6-8, 2021.

In the first transaction, the businessman purchased 70 million shares of FBN Holdings Plc at N11.50 per share. The second purchase was 55 million shares at N11.35 per share followed by 40 million ordinary shares at N11.65 per share and 35 million ordinary shares at N11.65 per share.

On October 23, FBN Holdings (FBNH) Plc confirmed that the business mogul has acquired 5.07 per cent equity stake in the company.

In a statement posted on the Nigerian Exchange (NGX) Ltd website, FBN Holdings affirmed that Otedola and his nominee now own 5.07 per cent equity stake in the company.

Otedola recently acquired an additional 2.5 per cent in FBN Holdings Plc, putting his shareholding at 7.5 per cent. He is now the single largest shareholder of the bank.

The billionaire is speculated to have spent N45 billion to acquire the shares of the bank.

Meanwhile, Otedola has stated that he is not interested in becoming the chairman of the bank or the Holdco, especially now that he is in semi-retirement.

He said: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.

“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders. That is an institution with world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

First Bank is Nigeria’s oldest bank with a deposit base of over N6.6 trillion. It is also one of Nigeria’s largest commercial banks with total assets of about N8.5 trillion.

The Star reports that Otedola and First Bank chairman, Tunde Hassan-Odukale are at loggerheads over the controlling stakes in the bank.

Hassan-Odukale is claiming to own “cumulative equity stake” of 5.36 per cent of the bank while Otedola recently acquired 5.03 per cent shareholding.

The 1.05 per cent shareholding of Leadway Pensure PFA in the holding company is ascribed to Hassan-Odukale in a letter by FBN Holdings Company Secretary, Seye Kosoko, to the Nigerian Exchange Limited, dated October 26 and signed.

But the National Pension Commission (PenCom) told Hassan-Odukale that he can’t appropriate the shareholding of pension funds in the bank.