Otedola Takes Over FBN
Femi Otedola, a billionaire investor, has revealed 5.07 percent ownership of FBNH, Nigeria’s oldest bank. This was confirmed in a letter published on the Nigerian Exchange’s website by FBNH.
Nairametrics first reported Mr. Otedola acquired over 5% of the bank after acquiring shares of the bank over a protracted period.
In the letter dated October 23rd 2021 and seen by Nairametrics, the bank confirmed 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.
The total shareholding has now taken Mr. Otedola’s ownership to 5.07% more than any other single shareholder on record. See press release below;
“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.
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Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”
Otedola, over time, has been gradually mopping up shares of the bank, to today, become a majority shareholder. Given his business antecedents, majority ownership of FBNH by an Otedola backed entity will probably usher in a transformation in the bank revving up investor sentiments in anticipation.
