Otedola Extends Majority Shareholding in FBN Holdings with New ₦17.2 Billion Acquisition

Just four days after Femi Otedola reclaimed his position as the majority shareholder of FBN Holdings by purchasing shares that extended his ownership of the company to 9.41 percent, the billionaire businessman has acquired additional shares.

According to a filing on the Nigerian Exchange Group (NGX) on Monday, June 24, Otedola spent ₦17.2 billion to acquire 797,946,415 shares at ₦21.58 each.

On June 21, Neusroom reported that Otedola had purchased FBN shares valued at ₦18.9 billion. 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 the fresh acquisition, Otedola has extended his grip on the company to a shareholding of 11.63 percent — the highest.

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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.