Femi Otedola takes 7.57% stake in FBN Holdings, spends N44.8 trillion

Femi Otedola, a billionaire investor and chairman at Geregu Power Plant has announced a 7.57% increase in his shares of FBN Holdings (First Bank parent company).

Femi Otedola

This information was made public in a December 9th, 2021 letter from Mr. Otedola to the bank. According to the current public disclosure of ownership, the disclosure officially makes him the largest majority shareholder of bank.

Remember that Nairametrics reported an estimated 1.1 billion unit of FBN Holding shares traded in the past 4 days, suggesting that the fight for control over one of Nigeria’s most important banks is still ongoing.

FBNH 44

We believe that recent purchases may be connected to the latest tussle over shares at the bank. A statement will also soon be made, according to a reliable source. According to reliable sources, “an important change in the majority ownership will be announced soon.” This latest announcement by Mr. Otedola confirms that our intelligence is correct.

Nairametrics received the letter and found that Mr. Otedola had acquired additional shares via his proxies Calvados Global Services (Primose Global Concept), Primose Global, Shetland Global as well as Wells Properties and Impetus Synergy. In a letter to the bank, Mr. Otedola stated that he had acquired 7.57% of the bank.

In the letter, Mr. Otedola also copied Nigeria Exchange Ltd and Securities and Exchange Commission.

More than 44 billion invested

Our sources indicate that Mr. Otedola spent N44.8 billion on FBN Holdings Limited. His average cost to acquire the shares is N16.48 per share, considering he just announced 2.7 million shares. Yesterday’s closing price of FBN Holding shares was 11.6

Based on his reported ownership of the bank, this acquisition makes Mr. Otedola effectively the largest shareholder in FBN Holdings. Nairametrics understands that the billionaire investor will soon be allowed to serve on the board, with 3 seats guaranteed at both the bank and the holding company.

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