Femi Otedola Buys More FBN Holdings Shares Worth ₦18 Billion to Regain Highest Shareholder
Femi Otedola, billionaire businessman and chairman of FBN Holdings, has reclaimed his position as the majority shareholder of First Bank. According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent of the bank’s shares.
This achievement follows his purchase of the group’s shares valued at ₦18.9 billion. The filings reveal that the billionaire paid ₦21.91 per share, amounting to ₦6.935 billion for 316,506,776 shares. Additionally, he acquired 546,674,034 shares through Calvados Global Services Limited, his holding company, at ₦21.97 per share, totaling ₦12.01 billion.
With this substantial purchase, Otedola’s total shares in FBN Holdings, both direct and indirect, have increased to 3,380,462,950, up from 2,517,282,140 shares. This move positions Otedola as the largest shareholder in the company, surpassing Barbican Capital Limited, owned by Oba Otudeko, which holds 3,110,400,619 direct shares.
In January, FBN Holdings appointed Otedola as the chairman of its board of directors. This appointment came two years after he became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.
