Femi Otedola, a Nigerian billionaire businessman, is said to have acquired control of First Bank Nigeria Holding, one of Nigeria’s tier one banks, after purchasing around N30 billion worth of shares, making him the bank’s single largest shareholder.
According to various people familiar with the transaction, Otedola’s controlling ownership of FBN Holding Company, which owns Nigeria’s oldest bank, First Bank, is about to be inverted after months of cautious and methodical purchases of the company’s shares on the Nigerian Stock Exchange’s floor. According to our sources, Femi Otedola has become the bank’s main shareholder, with an announcement expected in the coming days.
Calvados Global Services Ltd has been acquiring the bank’s shares on behalf of Otedola. There’s also a chance that Mr Otedola’s other vehicles were scooping up shares as well.
FBNH now has 34.7 billion shares floating freely, indicating that it is held by a diversified group of investors. This makes it simple to buy shares on the stock exchange.
According to FBN Holdings’ most recent audited financial statements, no stakeholder owns more than 5% of the banking behemoth.