FBN Holdings confirms Otedola’s equity stake as share price surges

First Bank MD/CEO Dr. Adesola Kazeem Adeduntan

FBN Holdings (FBNH) Plc, the parent company of First Bank, at the weekend confirmed that billionaire businessman, Femi Otedola has acquired a 5.07 percent equity stake in the lender.

It would be recalled that the Nigerian billionaire was reported to have taken over the bank with his acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

However, in a statement issued by the Company Secretary, Seye Kosoko, and posted on the Nigerian Exchange (NGX) Limited website, FBNH confirmed that Otedola and his now own a 5.07 percent equity stake in First Bank.

The statement read: “We refer to our communication to the market dated October 22, 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, Oct. 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.

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07 percent.”

Managing Director of APT Securities and Funds Limited, Garba Kurfi, dismissed insinuations that Otedola had acquired FBN Holdings, saying 95 percent of FBNH shares were still in the hands of other shareholders, comprising Pension Fund Administrators (PFAs) and other individuals.

He, however, disclosed that the Nigerian billionaire is now the largest single shareholder in the company.

Currently, there isn’t any individual shareholder with 5 percent or more but Otedola is now holding 5 percent or more through its investment vehicles, one of them being Calvados Global Services Ltd.