Global site navigation

Local editions

FBH Holdings Denies Knowledge of Femi Otedola's Acquisition of a Controlling Stake in the Company
Business and Economy

FBH Holdings Denies Knowledge of Femi Otedola's Acquisition of a Controlling Stake in the Company

by  Dave Ibemere 2 min read
  • The news of Femi Otedola acquiring a controlling stake in First Bank had the media buzzing on Friday, 22 October 2021
  • It was reported that, the charismatic billionaire used a company called Calvados Global Services Ltd to buy the shares
  • The management of FBN Holdings Plc has come out and denied any knowledge of Otedola's reported dealings.

Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng.

FBN Holdings Plc has denied knowledge of billionaire businessman Femi Otedola acquiring a large stake in the company.

On Friday, 22 October news of Otedola obtaining taking control of First Bank was widely reported in the media.

However, in a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, FBN Holdings, the holding company of First Bank of Nigeria Limited, noted there is no information on Otedola's dealings or anyone trying to take over the company.

Read also

Exercise Books, Textbooks, other Print materials to Become more Costly as Cost of Paper Imports hit N1.23trn

Femi Otedola's buy first bank shares
Giant electronic screen displays market data above global time zone clocks on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos Photo Credit: George Osodi/Bloomberg
Source: Getty Images

The statement reads:

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

"FBN Holdings Plc's attention has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc as a listed company; FBN Holdings shares are publicly traded, and sale and acquisition of shares is expected in the normal course of business" 
We operate in a regulated environment, which requires shareholders to inform the business of large shareholdings, when shares are held in separate vehicles, after which the firm will notify authorities and the public as needed.

The company further stressed there is no notification from Otedola as mentioned in the media report.

Three Extravagant Billionnaira Youths

Meanwhile Legit.ng had ealier reported on Pascal Chibuike Okechukwu, Obinna Iyiegbu, and Emeka Okonkwo worth over N48 billion, but individually, they outpace themselves.

Okechukwu, Iyiegbu, and Okonkwo are of Igbo descent, but their numerous businesses cut across Nigeria.

The three billion-naira youths are not ready to make it and fake it, that's why they show it in the way they dress, the type of cars they drive, and the kind of house they live.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Tags:
Hot: