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First Bank confirms Otedola’s acquisition of 5.07% equity stake



FBN Holdings to sell off insurance subsidiary

FBN Holdings (FBNH) Plc, the parent company of First Bank, on Saturday confirmed that Femi Otedola has acquired a 5.07 percent equity stake in the lender.

The confirmation came just 24 hours after the company dismissed the report on the acquisition of shares by the billionaire businessman.

In a statement issued by the Company Secretary, Seye Kosoko, and posted on the Nigerian Exchange (NGX) Limited website, FBNH confirmed that Otedola and his nominee now own a 5.07 percent equity stake in First Bank.

The statement read: “We refer to our communication to the market dated October 22, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder.

“This morning, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their client, Mr. Otedola Olufemi Peter, and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

READ ALSO: Femi Otedola goes after Remi Babalola’s seat, as First Bank investors pocket N163.32bn amid takeover

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07 percent.”

The Managing Director of APT Securities and Funds Limited, Garba Kurfi, who spoke on the development in a chat with journalists in Lagos, said Otedola is now the largest single shareholder in the company.

Kurfi, who dismissed insinuations that Otedola had acquired FBN Holdings, said 95 percent of FBNH shares were still in the hands of other shareholders, comprising Pension Fund Administrators (PFAs) and other individuals.

He added that the businessman started buying into the company when the need arose in July.

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