Business News

BREAKING: Otedola acquires more FBN Holding shares, increases stake to 11.64%


Femi Otedola, the chairman of FBN Holdings, has once again increased his stake in the company, further cementing his position as the single largest shareholder of the financial services giant.

In a notice to the NGX, the billionaire confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58. The transaction value of the new acquisition amounts to a staggering N17.2 billion.

This latest acquisition takes his combined stake to 11.64%, making him the only shareholder of the bank with a total shareholding exceeding 10%.

Just last week, Naijaonpoint reported that the billionaire had acquired N18.9 billion worth of shares, which increased his shareholding to 9.41%. The latest acquisition brings the total to N36.1 billion in a matter of days.

He now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion

According to Naijaonpoint’ findings, Femi Otedola, one of only four Nigerian billionaires listed by Forbes, has invested an estimated N102 billion since he began acquiring FBN Holdings shares three years ago.

The latest acquisition now gives him a commanding 11.64% majority shareholding of the financial holding company.

Previously known for his vast investments in the energy sector, Otedola’s foray into the financial services space now makes him the only Nigerian billionaire (in dollars) to own a majority stake in a commercial bank in the country. He is also one of the single largest shareholders of any financial services company in Nigeria.

The bank is also expected to announce its own rights issue or public offer as it bids to attain the estimated N248.7 billion needed to meet its N500 billion minimum ordinary share capital requirement.

A likely rights issue could see the billionaire continue to increase his stake in the bank.