More money for Otedola as billionaire increases ownership in FBN Holdings

• Femi Otedola, a Nigerian billionaire and businessman, has increased his ownership stake in FBN Holdings by 2.22%
• This recent acquisition solidifies the billionaire's ownership of the company as his interest now stands at the highest level
• Otedola paid N17.2 billion for 797,946,415 shares for 21.58k, according to the NGX filing

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Nigerian billionaire and businessman Femi Otedola has added 2.22% more shares in FBN Holdings.

The billionaire's ownership of the company is further cemented by this new acquisition. Photo Credit: First Bank
Source: UGC

The purchase was made public on Monday in a corporate filing on the Nigerian Exchange Group (NGX).

The billionaire's ownership of the company is further cemented by this new acquisition, as his stake now stands at the highest level at 11.63%.

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The NGX filing states that Otedola paid N17.2 billion for 797,946,415 shares for 21.58k.

This came just days after the serial investor spent a staggering N18.9 billion to purchase a total of 863,180,810 shares, increasing his position in the holding company to 9.41%.

Otedola's direct and indirect shares in FBN Holdings have increased to 4,178,409,365 from 2,517,282,140 shares due to that and the most recent acquisition.

With 3,110,400,619 direct shares, the businessman has displaced Barbican Capital Limited, controlled by Oba Otudeko, as the company's largest shareholder.

FBN Holdings named Otedola as the chairman of the board of directors in January.

The appointment had come two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57%.

Otedola became the company's second-largest stakeholder a month after FBN Holdings named Barbican Capital Limited the dominant shareholder.

In just three years, Otedola has invested approximately N100 billion in shares of FBN Holdings.

Otedola to become almost N1bn richer

Legit.ng reported that Nigerian billionaire and investor Femi Otedola is set to receive significant rewards for his investment in First Bank of Nigeria Holdings (FBNH).

FBNH, in a corporate statement published on the Nigerian Exchange Limited (NGX), announced a dividend of 40 kobo per share to shareholders for the year ending December 2023.

The total dividend payout to shareholders amounts to N14.35 billion.

Source: Legit.ng