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FBH holdings denies knowledge of majority shares acquisition by Femi Otedola

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FBN Holdings to sell off insurance subsidiary

FBN Holdings Plc has denied knowledge of the acquisition of significant shareholding by billionaire businessman, Femi Otedola in the company.

The media had been agog with news of Otedola acquiring significant shareholding in First Bank.
‘FBN Holdings, the Holdings company of First Bank of Nigeria Limited, in a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

It said: “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

Read also: CBN gives three reasons for sacking all First Bank, FBN Holdings board members

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

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