Otedola To Nominate Three Directors As Largest First Bank Shareholder

Billionaire investor, Femi Otedola has emerged as the largest investor in First Bank with 7.57% of the total issued shares of the company. The recent quiet share acquisitions have put him in a position to nominate three directors into the holding company, FBN Holdings.

According to a report in Nairametrics, Otedola who is chairman of Geregu Power Plant, announced his additional acquisition in a letter to the stock exchange. The letter was dated December 9, 2021. The disclosure officially makes him the single largest majority shareholder of the bank at least according to the public disclosure of ownership that has now been made.

 GreenWhiteGreen GWG reports that Nairametrics had reported an estimated 1.1 billion units of FBN Holding shares exchanged in the last 4 days suggesting that the battle for the control of one of the most important banks in Nigeria is still raging on.

Nairametrics had also reported that the recent purchases were not unconnected with the latest tussle for shares of the bank and believe a statement is imminent in the coming days. According to a reliable source, “an announcement will be made soon that will reveal a significant change in the majority ownership of the bank.”

In the letter seen by Nairametrics, Mr. Otedola acquired the additional shares through his proxies Calvados Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy. In a letter addressed to the bank, Mr. Otedola informed the bank that he has now acquired 7.57% ownership in the bank “I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57% percent of the issued shares capital of the Company.”

 Mr Otedola also copied the Securities and Exchange Commission, Nigeria Exchange Ltd, and the Central Bank in the letter.

According to Nairametrics, Mr. Otedola has now spent a whopping N44.8 billion investing in FBN Holdings Ltd. Considering he has just announced 2.7 billion shares, his average cost of acquiring the shares is about N16.48 per share. FBN Holding’s share price closed at 11.6 per share yesterday.

This acquisition effectively makes Mr. Otedola the largest shareholder of FBN Holdings based on reported ownership in the bank. Nairametrics also understands the billionaire investor will be allowed to make board appointments very soon with 3 board seats guaranteed at the bank and holding company.

Source: Niametrics

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