FBN Holdings: Otedola buys additional 2.22% shares as stakes

Nigerian billionaire Femi Otedola, the Chairman of FBN Holdings, has acquired an additional 2.22 per cent stake in First Bank.

This was disclosed in a corporate filing on the Nigerian Exchange Group on Monday.

With this latest purchase, Otedola’s shareholding in the bank has increased to 11.63 per cent, solidifying his position as the largest shareholder.

This is coming four days after he regained his position as the majority shareholder of First Bank after acquiring N18.9 billion worth of the group’s shares on the Nigerian Exchange on Thursday.

Otedola acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion and 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.