Femi Otedola, the renowned billionaire businessman and Chairman of FBN Holdings Plc, has significantly increased his stake in the company by acquiring an additional 797,946,415 units of First Bank Nigeria shares from the Nigerian Exchange Limited (NGX).
This move aims to solidify his majority ownership in the financial institution.
The acquisition, valued at N17.219 billion, was disclosed in a corporate filing on the NGX. The shares were traded at N21.58 per share, reflecting a 2.22 percent increase in Otedola’s shareholding.
With this latest purchase, Otedola’s ownership in FBN Holdings has risen to 11.63 percent, making him the largest single shareholder in the company.
Last week, Otedola had already bolstered his position in FBN Holdings by purchasing N546,674,034 units of shares worth N12.01 billion. These transactions, executed through Calvados Global Services Limited at N21.97 per share on the NGX, demonstrate his ongoing commitment to increasing his influence within the bank.
Prior to these recent acquisitions, Otedola held a 7.01 percent stake in FBN Holdings, trailing Oba Otudeko’s Barbican Capital Limited, which owned 8.67 percent. Otedola’s business interests span across various sectors, including port agency, shipping, storage, and insurance brokerage.
His notable investments include Geregu Power, a significant contributor to Nigeria’s electricity grid, which he took public in October 2022.
Throughout his career, Otedola has served on several boards, including as President of the Nigerian Chamber of Shipping and past Chairman of Transcorp Hilton Hotel, Abuja.
His strategic acquisitions in FBN Holdings underscore his vision for maintaining a prominent role in Nigeria’s financial and economic landscape.