Otedola Becomes Largest Shareholder At First Bank Holding

Otedola Becomes Largest Shareholder At First Bank Holding
Otedola Becomes Largest Shareholder At First Bank Holding

According to reports, Mr Femi Otedola may have purchased additional shares of First Bank Nigeria, FBN Holding Plc, from the Nigerian Exchange Limited, NGX, this week in order to increase his stake in the bank.

Market participants believe he has the right to buy more shares from the secondary market if they become available in order to increase his holdings in the bank, as speculation has it that he has increased his total stake to 7.57 percent.

However, when Vanguard contacted the NGX’s spokesperson, Mr Clifford Akpolo, he stated, “I am not aware of any transaction from Femi Otedola as the Exchange has yet to receive any notice to that effect.” I’ll find out if there are any and get back to you.”

The NGX spokesperson had yet to respond at the time of filing the report.

Meanwhile, the weekly transactions for the week ending Friday revealed that investors exchanged 35.346 million units of FBN shares, with the price rising by 10 kobo to N11.90 per share from N11.80 per share.

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It will be remembered that Otedola previously made piecemeal acquisitions of FBN shares totaling 5.07 percent.

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If he did buy more shares this week, he will formally consolidate his position as the single largest shareholder of FBN Holdings, putting him well ahead of his closest rival, FirstBank chairman Tunde Hassan-Odukale, with whom he has been feuding since the news of his share purchases broke in late October.

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