Femi Otedola Becomes First Bank Major Share Holder As He Acquires More Shares

Billionaire businessman Femi Otedola has reportedly acquired an additional 2.5 percent in First Bank Nigeria Holdings Plc.

FBN Holdings is the parent company of First Bank of Nigeria (FBN).

Naija News reports that with the latest acquisition, Otedola has become the single largest shareholder in the company.

It was gathered that Otedola’s stake has now risen over that of Tunde Hassan-Odukale, another shareholder.

Hassan-Odukale’s indirect shares were partitioned into two: 4.16 percent and 1.20 percent — in what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders.

TheCable had earlier reports that Otedola was making moves to acquire more shares to become the chairman of the bank as the single largest shareholder.

Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.

After regulatory approvals, Otedola will now nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.