First Bank Maintaining says no longer attentive to bank’s takeover by Otedola


First Bank Holdings, owners of First Bank Nigeria, has denied records of a takeover of the company by Femi Otedola, the billionaire reported as having bought majority shareholding in the firm.

The company did no longer deny the doable for an acquisition; it talked about the firm had no longer bought a notification of a most principal retaining by Mr Otedola.

“As a listed company, the shares of FBN Maintaining Plc are publicly traded, and sale and acquisition of shares is anticipated in the unprecedented direction of change. We operate in a regulated ambiance, which requires notification of most principal shareholding by Shareholders to the company, where shares are held in a total lot of vehicles, further to which the company will notify the regulators and the public as applicable,” a opinion by the firm to the NGX change on Friday talked about.

In the 10 days to Friday, FBN Holdings witnessed an strangely large trading in its shares and the cumulative number of gadgets traded internal the length surpassed 2.1 billion. The uptick in trading catapulted its part cost by 62.3 per cent from the level it became three weeks previously.

An analyst at Meristem Securities instructed PREMIUM TIMES the trading assert began with a transfer by Airtel Africa to assemble minority stake in Airtel Nigeria.

“There have been many of activities on FBN Holdings shares at some level of the last two or three weeks now,” he talked about on condition of anonymity attributable to the sensitive nature of the matter.

“In the foundation it became Airtel. Airtel Africa became looking to assemble minority stake in Airtel Nigeria. Airtel Africa is listed but Airtel Nigeria is no longer listed. So that they’re looking to assemble the closing eight per cent minority stake in Airtel Nigeria.”

FBN Holdings holds a substantial share of the eight per cent. A part elevate of this nature is continually safe to sellers as a top class will possible be added to the gorgeous cost that has been agreed to by each and each parties of the transaction.

“So there are expectations that that may well boost the earnings of FBN Holdings. That roughly (spurred) activities on FBNH as a ticker. That’s the connection between FBNH and Airtel,” the source talked about.

On Friday, the change web assert online, Nairametrics, quoted sources as confirming Mr Otedola had emerged the majority shareholder of FBN Maintaining after quietly mopping up the shares of the company in the outdated couple of weeks, the utilization of a a total lot of cause automobile, indicating the accumulation further drove the FBN Maintaining trading to a file high.

Shares in FBN Holdings rose 1.24 per cent to N12.25 per unit on Friday following the records.

Representatives of the company did no longer answer to PREMIUM TIMES inquiries on Friday. Mr Otedola may well no longer be straight reached.

In its submitting to the Lagos-basically based fully fully change, company secretary Seye Kosoko talked about, “The Firm is yet to rating any notification from the actual particular person talked about in the media file, of such acquisitions. FBN Holdings will continuously notify the applicable agencies and authorities every time it receives any opinion of most principal shareholding by the Shareholders of the Firm’s Registrar.”

The First Bank transfer would mark Mr Otedola’s foray into banking, having offered off his shareholding in Enviornment of skills Oil Plc in 2019 to consolidate his investment in Geregu Energy Plc.

The acquisition, estimated to have taken its stake in FBN Holdings beyond five per cent, will pick Mr Otedola’s shareholding above that of Oba Otudeko and Oye Hassan Odukale, two of the firm’s finest owners with 1.5 per cent and 1.03 per cent holdings respectively.

Till now, Nigeria’s 2nd richest man, Mike Adenuga, had been making engrossing plans to wrest control of the highest jabber in FBN Holdings ownership ahead of now.

Mr Otudeko, the instantaneous previous chairman of FBN Holdings board, became ousted from the organisation’s top hierarchy this Could perchance even after a struggle of interest and violation of plot in appointing the manager govt of the neighborhood’s commercial banking, First Bank, irked the regulator, the Central Bank of Nigeria.

“There’s a requirement that he has to unload his shares because he is no longer chairman. In level of truth, anyone has to elevate those shares. So I believe that that’s what resulted in Otedola turning into the recent finest shareholder,” the source talked about.

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