Femi Otedola Increases Stake By N18.9bn, Becomes First Bank’s Largest Shareholder

Nigerian billionaire Femi Otedola has emerged as the largest shareholder of FBN Holdings, increasing his stake to 9.41%. This move came after Otedola acquired additional shares worth N18.9 billion on June 20, 2024.

According to a corporate notice filed by FBN Holdings on the Nigerian Exchange (NGX) website, Otedola purchased 316,506,776 shares at N21.91 per share, totalling N6.935 billion. Through his investment vehicle, Calvados Global Services Limited, he acquired another 546,674,034 shares at N21.97 per share, amounting to N12.01 billion. This brings his total acquisition to 863,180,810 shares, raising his stake from 7.01% to 9.41%.

Otedola’s journey to becoming the majority shareholder began in October 2021, when he first announced a 5.07% shareholding in FBN Holdings. By December 2021, he had increased his stake to 7.57%. However, he reduced his stake to 5.24% by mid-2022, divesting approximately 30% of his holdings. The landscape shifted again in July 2023 when Oba Otudeko’s Barbican Capital Limited declared a 13.3% stake, later verified at 8.67% by the Central Bank of Nigeria.

Despite these fluctuations, Otedola assumed the role of Chairman of FBN Holdings in January 2024. His recent acquisition now positions him as the majority shareholder. This move also makes Otedola the second-largest individual shareholder in any publicly listed bank in Nigeria, following Jim Ovia’s 11.29% stake in Zenith Bank.

On the said day of the transaction, Otedola’s acquisition accounted for 99% of FBN Holdings’ turnover volume of 871.084 million shares on the NGX.

This development occurs when the Nigerian economy faces various challenges, including inflationary pressures and regulatory changes.

Read more: Nigeria May Declare Cholera Emergency If Cases Rise – NCDC

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