Otedola increases stake in FBN Holdings to 11.64%

Billionaire businessman, Femi Otedola has increased his equity stake in FBN Holdings Plc to 11.64 percent.

Otedola acquired additional 797,946,415 shares of the company at an average price of N21.58, according to FBN Holdings notice of shares dealing by insiders filed at the NGX.

The transaction done on Monday June 24 was value at N17.2 billion.

Otedola’s latest acquisition takes his combined stake to 11.64 percent, making him the only shareholder of the Holding company with a total shareholding of over 10percent.

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

Related News

As the chairman of FBN Holdings, he had last week bought 546,674,034 shares through Calvados Global Services Limited, a company related to him.

The billionaire businessman bought the shares of FBN Holdings on June 20 at N21.97 per share, all valued at N12.01 billion.

His appointment came two years after the billionaire became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

FBN Holdings had after Otedola’s appointment named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

According to the corporate disclosure, Otedola had also paid N21.91 per share for 316,506,776 shares, all valued at N6.935billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.