Otedola overtakes Otudeko in First Bank, buys fresh 797.9m shares •Stake now 11.63%

cover, Financial Markets

Mr Femi Otedola, billionaire businessman and chairman of First Bank Nigeria (FBN) Holdings Plc, yesterday, acquired additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited, NGX, to sustain his majority stake in the company.

The acquisition was disclosed in a corporate filing on the NGX, as the shares were traded at N21.58 per share valued at N17.219 billion.

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The fresh acquisition further shows that Otedola’s shareholding has now reached 11.63 percent, the highest in the company.

It will be recalled that last week, Otedola, increased his stake in FBN Holdings, with the purchase of 546, 674, 034 units of shares valued at N12.01billion. Otedola bought the shares through Calvados Global Services Limited at a price of N21.97 per share at the Exchange.

The billionaire businessman before then had 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which held an 8.67% stake.