• Thursday, July 18, 2024
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Otedola stakes N18.9bn to consolidate position as FBNH largest shareholder

Nigerian business mogul Femi Otedola back to Forbes billionaire list

Olufemi Otedola, chairman, FBN Holdings has bought an additional 546,674,034 shares through Calvados Global Services Limited, a company related to him.

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

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

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.

The newest acquisition has increased Otedola’s direct and indirect equities holdings in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

With this additional shares, the number of shares recently acquired totalled 863,180,810.

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

Otedola is now the largest shareholder in FBN Holdings, surpassing Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

Otedola now owns 9.41 percent shares in the FBN Holdings. He has purchased the group’s shares worth at N18.9 billion.