Nigerian billionaire and Chairman of FBN Holdings, Femi Otedola, has reclaimed his position as a major shareholder in First Bank. He acquired 18.9 billion naira worth of group shares on NGX today, June 20th, and now holds 9.41% of the bank’s shares.
This was revealed in a corporate announcement from the financial institution on the NGX website. According to a filing with Journalists, Otedola directly acquired 316,506,776 shares at a price of 21.91 naira per share, for a total purchase value of 6.935 billion naira. It then acquired 546,674,034 shares at N21.97 each, through its holding company Calvados Global Services Limited, for a total purchase price of N12,010 million.
Otedola previously held 7.01% of the bank’s shares, followed by Oba Otudekos Barbican Capital Limited with 8.67%. By acquiring a further 863,180,810 shares, it increased its previous shareholding by 2.40%, increasing the group’s total shareholding to 9.41%. The pursuit of a majority stake in FBN Holdings has been a dynamic journey that began in October 2021 when Mr. Femi Otedola first announced that he had secured a 5.07% stake.
Subsequently, in December 2021, Mr. Otedola further increased his stake to 7.57%, a significant increase. By mid-2022, Otedola had reduced his stake to 5.24% and sold about 30% of his shares in the group. However, in July 2023, Oba Otudeko re-emerged with his company, Barbican Capital Limited, and declared a 13.3% stake in FBN Holdings.
At the end of the financial year, the company confirmed in its audited balance sheet that Barbican held an 8.67% stake, a figure also confirmed by the Central Bank of Nigeria (CBN). Otedola became Chairman of FBN Holdings in January 2024, but there were still concerns about Otedola’s potential influence within the company. Otedola’s declaration made him the largest shareholder and seemingly gave him full power as Chairman.
Femi Otedola, who was named again on Forbes magazine’s billionaire list this year, now owns majority stakes in two of Nigeria’s largest companies, FBN Holdings and Geregu Power. He is the second-largest single owner of shares in a listed Nigerian bank, trailing only Jim Obia’s 11.29% stake in Zenith Bank.
Otedola’s acquisition accounted for 99% of FBN Holdings’ total trading volume of 871,084,000 shares on the Nigerian Exchange (NGX) today. FBN Holdings shares closed 0.45% lower at 21.9 naira at the close.
