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


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



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

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version