With 9.41% stake, Otedola regains top position at First Bank

The Chairman of FBN Holdings, Femi Otedola, has regained his position as the majority shareholder of First Bank. Otedola now holds a 9.41 per cent stake in the bank, after acquiring N18.9 billion worth of the group’s shares in the NGX on Thursday.
   
According to a corporate notice by the firm, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion. He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.  
   

Prior to this time, Otedola held a 7.01 per cent stake in the bank, behind Oba Otudeko’s Barbican Capital Limited, which holds an 8.67 per cent stake.
   
As such, with his acquisition of 863,180,810 shares yesterday, he acquired 2.40 per cent of the group’s total shareholding, thus increasing his total stake in the group to 9.41 per cent.
   
Accordingly, Otedola’s acquisition, accounted for 99 per cent of FBN Holdings’ turnover volume of 871.084 million shares on the Nigerian Exchange (NGX) yesterday.