First Bank Confirms Femi Otedola’s Acquisition Of Majority Stake In FBN Holdings

First Bank Confirms Femi Otedola’s Acquisition Of Majority Stake In FBN Holdings

First Bank plc has confirmed that billionaire Femi Otedola has truly transformed owner of majority stake in FBN Holdings PLC.

The bank disclosed it received a notification to that effect on Saturday, October 23, 2021.

Confirming the development in a communication titled “NOTIFICATION OF ACQUISITION OF SUBSTANTIAL SHAREHOLDINGS IN FBN HOLDINGS PLC” and signed by company secretary of FBN Holdings PLC, Seye Kosoko, the financial institution maintained Mr Otedola and his nominee’s equity stake in company now stands at 5.07%.

This has interestingly placed Mr Otedola above the duo of Oba Otudeko and Oye Hassan Odukale, two of the firm’s biggest owners with 1.5 per cent and 1.03 per cent holdings respectively.

Dated October 23, 2021, the communication reads…

We refer to our communication to the market dated October 22, 2021 on the above subject wherein
we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.

Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.