Finally, NGX Confirms Otedola Acquires 5.07 % Stake In FBNH…


Femi Otedola, a billionaire businessman, has acquired five per cent stake in First Bank of Nigeria, making him the bank’s single largest shareholder following the crisis that rocked the Board of Directors recently.

The Nigerian Exchange Limited, NGX, has confirmed today, Saturday that it received information concerning the transactions of the shares transacted by Otedola.

In a statement obtained from the Exchange and signed by Seye Kosoko, Company Secretary, FBNH Plc, stating : “We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder. This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791. Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07 per cent.

Meanwhile, shareholders of First Bank of Nigeria Limited have indicated that the acquisition of majority stake in the bank by the former chairman of Forte Oil Plc, Femi Otedola, if true, will unlock value for shareholders and turn the fortunes of the bank around for the better.

They posited that entrance of the billionaire business man into the bank would position the bank to retake its position as the first among equals in the Nigeria’s banking landscape.


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