See how Otedola regain position as number one man of First Bank

• Nigerian billionaire Femi Otedola has acquired additional shares in First Bank of Nigeria Limited.
• The new shares have Otedola once again in the position of majority shareholder ahead of Oba Otudeko
• First Bank is one of Nigeria's oldest banks, with a presence in different countries in Africa and outside the continent

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian billionaire businessman Femi Otedola has regained his position as the majority shareholder of First Bank.

Otedola, who also serves as the Chairman of FBN Holdings, now holds a 9.41% stake in the bank after acquiring N18.9 billion worth of shares.

Femi Otedola is now First Bank's majority shareholders Photo credit: @firstbank
Source: Facebook

The acquisition was disclosed in a corporate notice filed by First Bank on the Nigerian Exchange (NGX) on June 20, 2024.

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Details of the acquisition

A breakdown of the acquisition showed Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.

Additionally, through his holding company, Calvados Global Services Limited, he acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion.

Otedola's latest acquisitions have increased his stake in First Bank by 2.40%, up from his previous 7.01% stake.

This move places him ahead of Oba Otudeko's Barbican Capital Limited, which holds an 8.67% stake in the bank.

How did Otedola regain his position?

The journey to majority ownership has been a dynamic one for Otedola. It began in October 2021 when he first announced securing a 5.07% shareholding.

By December 2021, he had increased his stake to 7.57%.

However, he later reduced his stake to 5.24% by mid-2022 before reemerging in January 2024 as Chairman of FBN Holdings.

With his latest acquisition, Otedola now appears to have taken full control of First Bank.

FBN Holdings declares N362bn profit

Legit.ng earlier reported that FBN Holdings Plc has released its unaudited financial statement for 2023, showing an impressive performance.

The company reported N362 billion profit against N136 billion the previous year, representing a 129% rise year-on-year.

The company's results show that interest income rose to N917 billion in 2023. This shows a 66% rise from the N552 billion the previous year.

Source: Legit.ng