Otedola gets upper hand in shareholdings of FBN Holdings

Billionaire investor and chairman of Geregu Power Plant, Femi Otedola has announced an increase in his shareholdings of FBN Holdings, (First Bank parent company) to 7.57 per cent.

This was disclosed in a letter to the bank by Mr Otedola dated December 9, 2021. The disclosure officially makes him the single largest majority shareholder of the bank at least according to the public disclosure of ownership that has now been made.

An estimated 1.1 billion units of FBN Holding shares were exchanged a few days ago suggesting that the battle for the control of one of the most important banks in Nigeria is still raging on.

Industry watchers say the recent purchases are not unconnected with the latest tussle for shares of the bank and believe a statement is imminent in the coming days.

In the letter, Mr Otedola stated that he acquired the additional shares through his proxies Calvados Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy.

Addressed to the bank, Mr Otedola in the letter informed the lender that he has now acquired 7.57 per cent ownership in the bank.

“I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57 per cent of the issued shares capital of the Company,” he stated.

Mr Otedola also copied the Securities and Exchange Commission, Nigeria Exchange Ltd, and the Central Bank in the letter.

Analysts have estimated that Mr. Otedola has now spent a whopping N44.8 billion investing in FBN Holdings Ltd, considering that he has just announced 2.7 billion shares, making his average cost of acquiring the shares about N16.48 per share. FBN Holding’s share price closed at 11.6 per share yesterday.

There are speculations that the billionaire investor will be allowed to make board appointments very soon with three board seats guaranteed at the bank and holding company.

Only last month, the Central Bank of Nigeria (CBN) said that the over 100 year-old bank is too big and strategic for any one individual to own.

CBN governor, Mr Godwin Emefiele in Abuja, told the shareholders jostling for who owns the largest share of the bank that they should all know FirstBank is so big that not one person can say he owns FirstBank, adding that they are just one and they should see themselves as representing others in running the bank.

The Securities and Exchange Commission (SEC), he noted, has clarified the issues of shareholding percentages and “they are the people that are supposed to do so. Our examiners themselves are also continuing to look at it. We (CBN) should take SEC position because SEC is the regulator of the capital market”.

He added that the CBN “will take SEC position and they will give guidance on this subject but, of course, as it affects the running and operation of the bank, we will take pre-eminent measure to make sure that the right things are done but, of course, naturally returns are sent to CBN about individual shareholders and, of course, if our position is not in tandem with the position of SEC, we will talk to SEC about it and we will also advised the public.

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