Femi Otedola Regains Majority Shareholder Position In First Bank

Nigerian billionaire Femi Otedola has regained his position as the majority shareholder of First Bank, acquiring a 9.41% stake in the bank after purchasing N18.9 billion worth of shares on the Nigerian Exchange on June 20.

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

This acquisition brings his total stake in the group to 9.41%, surpassing Oba Otudeko’s Barbican Capital Limited, which holds an 8.67% stake. Otedola’s acquisition accounted for 99% of FBN Holdings’ turnover volume of 871.084 million shares on the NGX.

With this move, Otedola solidifies his position as the majority shareholder in two major Nigerian companies, FBN Holdings and Geregu Power Plc. He also holds the second-largest single individual shareholding for any publicly listed bank, behind Jim Ovia’s 11.29% shareholding of Zenith Bank.

The contest for the majority stake in FBN Holdings has been ongoing since December 2021, with Otedola increasing his shareholding from 5.07% to 7.57%. He was appointed chairman of First Bank’s board of directors in February this year, and his latest acquisition cements his position as a leading player in Nigeria’s financial sector.

Otedola’s business acumen and strategic investments have earned him a spot on the Forbes Billionaires List this year, and his latest move is a testament to his continued influence in the Nigerian business landscape.
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