Otedola Acquires Additional 2.5% Stake in FBN Holdings, Awaits NGX Affirmation

Our Correspondents

Billionaire businessman, Femi Otedola, has acquired an additional 2.5 per cent in FBN Holdings Plc, thus, set to become the single largest shareholder in the company, once the new acquisitions are affirmed by the Nigerian Exchange Limited (NGX) next Monday.

FBN Holdings is the parent company of First Bank of Nigeria (FBN). The new acquisitions has now placed Otedola’s stake far above the controversial partitioned shares of Tunde Hassan-Odukale, another shareholder.
Hassan-Odukale’s indirect shares were partitioned into two – 4.16 per cent and 1.20 per cent – the last being what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders.

Sources said Otedola had spent the last few weeks acquiring more shares in order to become the chairman of the bank, as the single largest shareholder.
Based on the new acquisitions, the equity stake of Otedola is now 7.57 per cent of the issued shares capital of FBNH.

After regulatory approvals, Otedola will now nominate more directors, having nominated two before – one into FBN and the other into the HoldCo.