Otedola buys N17.2bn FBN Holdings’ shares, increases stake to 11.64%

On Monday, Femi Otedola, the chairman of FBN Holdings, purchased an additional 797,946,415 shares of the company at N21.48 kobo, increasing his stake in the company to 11.63 per cent.

With this recent 2.22 percent increase shareholder , Femi Otedola further cemented his position as the single largest shareholder of the financial Services Group.

In a corporate filling on the Nigerian Exchange Limited (NGX) on Monday, the billionaire confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58, with the value of the new acquisition amounts to N17.2 billion.

With the latest purchase, Otedola’s shares, both direct and indirect, in FBN Holdings has now leapt to 4,178,409,365 from 2,517,282,140 shares.

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The latest acquisition comes just four days after the serial investor increased his stakes in the holding company to 9.41 percent after splashing a whooping N18.9 billion to buy a total of 863,180,810 shares.

It will be recalled that in January, FBN Holdings appointed Otedola as the chairman of its board of directors. The appointment had come two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 per cent.

However, a month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder, making Otedola the second major shareholder at the time.

NIGERIAN TRIBUNE