It’s Official: Otedola emerges First Bank major shareholder


The Nigerian billionaire, Femi Otedola, has emerged a most considerable shareholder of First Bank Holdings, owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake, the firm confirmed Saturday.

The retaining firm had earlier denied knowledge of the takeover asserting it had not bought a notification of a most considerable retaining by Mr Otedola.

In a note-up verbal replace to the Nigerian Alternate Restricted Saturday, the firm said it bought notification from APT Securities and Funds Restricted that its consumer, “that Mr Otedola Olufemi Peter and his nominee, Calvados World Products and services Restricted beget bought a full of 1,818, 551,625 devices of shares from the Firm’s issued portion capital of 35,895,292791.”

“Basically primarily based entirely on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee within the firm is now 5.07%,” the respect signed by Seye Kosoko, firm secretary, said.

Within the 10 days to Friday, FBN Holdings witnessed an strangely huge procuring and selling in its shares and the cumulative selection of devices traded within the duration surpassed 2.1 billion. The uptick in procuring and selling catapulted its portion worth by 62.3 per cent from the level it used to be three weeks ago.

An analyst at Meristem Securities informed PREMIUM TIMES the procuring and selling enhance began with a pass by Airtel Africa to connect a minority stake in Airtel Nigeria.

“There were a range of activities on FBN Holdings shares all the contrivance via the final two or three weeks now,” he said on situation of anonymity as a result of fragile nature of the topic.

“At the starting up it used to be Airtel. Airtel Africa used to be attempting to connect minority stake in Airtel Nigeria. Airtel Africa is listed but Airtel Nigeria shouldn’t be listed. So that they’re attempting to connect the final eight per cent minority stake in Airtel Nigeria.”

ALSO READ: First Bank Protecting says not attentive to bank’s takeover by Otedola

FBN Holdings holds a appreciable share of the eight per cent. A portion remove of this nature is in overall honest to sellers as a top class shall be added to the entertaining worth that has been agreed to by each and each parties of the transaction.

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

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

The First Bank pass marks Mr Otedola’s foray into banking, having sold off his shareholding in Enviornment of expertise Oil Plc  in 2019 to consolidate his investment in Geregu Vitality Plc.

The acquisition, estimated to beget taken its stake in FBN Holdings previous five per cent, will recount 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 2d richest man, Mike Adenuga, had been making full of life plans  to wrest again a watch on of the high converse in FBN Holdings possession before now.

Mr Otudeko, the immediate previous chairman of FBN Holdings board, used to be ousted from the organisation’s top hierarchy this Could maybe maybe after a warfare of pastime and violation of path of in appointing the executive executive of the workers’s industrial banking, First Bank, irked the regulator, the Central Bank of Nigeria.

“There is a requirement that he has to dump his shares because he shouldn’t be any longer chairman. Indubitably, any individual has to recount these shares. So I think that that’s what resulted in Otedola turning into the original finest shareholder,” the source said.

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