BusinessDay

Femi Otedola’s equity stake in FBNH drops to 5.25%

… as share sale pushes price to new-low

The shares of FBN Holdings Plc headed to a new-low on June 10, barely four days after Nigeria’s billionaire businessman Femi Otedola offloaded about 834million units in deal valued at about N9.3bilion.

On June 6, Otedola sold 200million units of FBN Holding shares at N11.10 per share. He had bought 70million units at N11.50 per share; 55million units at N11.35 per share; 40million units at N11.65 per share; and 35million units at N11.65 per share.

FBN Holdings has 35,895,292,792 shares outstanding valued at N378.695billion. Before Otedola’s recent share sale, the audited accounts of the financial holding company for the year ended December 2021 shows he owned 2,717,282,140 shares or 7.57percent equity stake making him the single largest shareholder with more than 5percent ownership of FBN Holdings.

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His recent offload of about 834million units implies his majority position has dropped to 5.25percent, representing 1.883billion units.

Also on June 6, Primrose Global Concept a company related to him in two different transactions sold a cumulative of 340million units of FBN Holdings at N11.14kobo per share.

Impetus Synergy, another company related to Otedola sold 53million units of FBN Holdings at N11.10 per share; while same day Wells Properties & Investment Company which is also related to the billionaire businessman sold 120million units of FBNH shares at N11.10.

Also, his related Shetland Global sold 174.93million units at N11.14kobo per share. Otedola had between December 6 and 8, 2021 bought additional 200million shares of FBNH shares at average price of N11.52.

Otedola’s share sale has pushed the price off its 52-week high of N12.9 as against a corresponding week low of N7.05. As at Friday June 10, the share price of FBNH stood at N10.55, after a constant from June 6 when it traded at N11.25.

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