Nigerian billionaire, Femi Otedola, has reasserted his position as the majority shareholder of First Bank, following a significant acquisition of shares worth N18.9 billion.
According to filings on the Nigerian Exchange Group (NGX), Otedola now holds 9.41% of the bank’s shares, surpassing Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.
Otedola’s holding company, Calvados Global Services Limited, purchased 546,674,034 shares at N21.97 per share, totaling N12.01 billion. Additionally, he acquired 316,506,776 shares directly at N21.91 per share, worth N6.935 billion.
This brings the total number of shares acquired to 863,180,810, increasing his overall stake in FBN Holdings to 3,380,462,950 shares.
This development solidifies Otedola’s position as the largest shareholder in First Bank, a role he previously held in December 2021 with a 7.57% stake.
His appointment as chairman of FBN Holdings’ board of directors in January this year marked a significant milestone in his involvement with the bank.
