BREAKING: Otedola buys 2.22% stake in FBN Holdings, now holds 11.6%

Nigeria billionaire and chairman of Geregu Power PLC, Femi Otedola, has acquired an additional 2.22 per cent shares in the First Bank of Nigeria.

The acquisition was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday. In the notice, the chairman of FBN Holdings 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.

The fresh acquisition further cements the billionaire’s control of the company as his shareholding has now reached 11.63 per cent — the highest.

More to follow…