Days after Femi Otedola acquired 863 million shares of FBN Holdings to become the largest single shareholder in the financial services giant, the billionaire businessman has consolidated his position with an additional 797 million shares to increase his stake in the company to 11.64%.
This development was contained in a notice to the Nigerian Xchange Group (NGX) by Adewale Arogundade, the company’s Ag Corporate Secretary.
He confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58 for a total value of N17.2 billion.
READ ALSO:Otedola emerges as chairman of First Bank Holdings
The bank’s shareholding structure shows several significant shareholders, with Otedola at 11.64% and Oba Otudeko’s Barbican Capital Ltd at 8.67% with 3,110,400,619 direct shares.
Otedola now holds a combined 4.178 billion shares out of the company’s total outstanding shares of 35.895 billion
In January, FBN Holdings appointed Otedola as chairman of the board of directors.
By: Babajide Okeowo
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