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Otedola increases stakes at FBN, acquires additional 797,946,415 shares

Femi Otedola, the Chairman of FBN Holdings, Femi Otedola has further cemented his position as the single largest shareholder of the financial services giant with a commanding 11.64 per cent shareholding.

Otedola, one of only four Nigerian billionaires listed by Forbes, has invested an estimated N102 billion since he began acquiring FBN Holdings shares three years ago.

In a notice to the NGX, the billionaire confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58. The transaction value of the new acquisition amounts to a staggering N17.2 billion.

This latest acquisition takes his combined stake to 11.64 per cent, making him the only shareholder of the bank with a total shareholding exceeding 10 per cent.

Otedola is also the chairman of Geregu Power Plc, last week acquired N18.9 billion worth of shares, which increased his shareholding to 9.41 per cent. The latest acquisition brings the total to N36.1 billion in a matter of days.

He now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion

The pursuit of a majority stake in FBN Holdings has been a dynamic journey, beginning in October 2021 when Femi Otedola first announced that he had secured a 5.07 per cent shareholding. In December 2021, Otedola increased his stake further to 7.57 per cent, marking a significant leap.

By mid-2022, Otedola reduced his stake to 5.24 per cent, divesting approximately 30 percent of his shareholding in the group. However, he started acquiring shares in the bank again in 2023 as controversy over who owned the majority stake in the bank remained.

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