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.

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.