Femi Otedola, Chairman of FBNHoldings, has acquired 2,029,376,358 additional shares valued at N18.95 billion, further solidifying his stake in the company.
The acquisition of shares by Femi Otedola was made public through corporate filings on the Nigerian Exchange Limited, the platform used for the transaction.
According to the filings, Otedola acquired 316,506,776 units of FBNHoldings shares directly at N21.91 per unit. This brings the deal to about N6.93bn.
Indirectly through a company related to him, Calvados Global Services Limited, Otedola bought 546,674,034 units at N21.97 each. The acquisition was worth N 12.01bn.
With this acquisition, Otedola has bumped his holdings in the banking group higher than the percentage he held as of December 2023.
According to the recently released audited result of the bank, Otedola held 40,033,982 (0.11 per cent) directly and 1,989,342,376 units (5.54 per cent) as of December, lower than the 3,110,400,619 units (8.67 per cent) directly held by Barbican Capital Limited, a company related to businessman and former Chairman of the bank, Oba Otudeko.
Otudeko acquired the shares in July 2023 in a historic trade in the stock market.
In a notice on July 7, 2023, FBN Holdings said it received a notification also dated July 7, 2023, from Honeywell Group Limited, that its affiliate, Barbican Capital, acquired 4,770,269,843 units of shares or 13.3 per cent stake; indicating the return of Otudeko to the institution, where he had once been a chairman.
Barbican Capital’s investment in the banking group was initially disclosed in the 2023 unaudited statements and later confirmed by the CBN in its audited results, showing an 8.67% stake.
On January 30, Femi Otedola was appointed chairman of FBN Holdings.
Otedola was appointed to the Board of FBNHoldings as a Non-Executive Director in July 2023, with the CBN and shareholders providing necessary approvals, including a confirmation at the August 15, 2023 Annual General Meeting.
