Otedola increases stake in FBN Holdings to 11.64% with fresh 797m shares - Ripples Nigeria
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Otedola increases stake in FBN Holdings to 11.64% with fresh 797m shares

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Otedola to sell all shares in Forte Oil's downstream business, explores opportunities in refining

A few days after Femi Otedola acquired 863m shares of FBN Holdings to become the single largest shareholder of the financial services giant, the billionaire businessman has consolidated his position with an additional 797m shares to increase his stake in the company to 11.64%.

This development was contained in a notice to the Nigerian Xchange Group (NGX) by Adewale Arogundade, Ag Company Secretary of the company.

He confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58 with a total value of N17.2 billion.

READ ALSO:Otedola emerges chairman of First Bank Holdings

The bank’s shareholding structure shows a few significant shareholders, with Otedola at 11.64% and Oba Otudeko’s Barbican Capital Ltd at 8.67% with 3,110,400,619 direct shares.

Otedola now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

By: Babajide Okeowo

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