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Following an Earlier Denial, First Bank Holding Confirms Femi Otedola as a 'Significant' Shareholder
Business and Economy

Following an Earlier Denial, First Bank Holding Confirms Femi Otedola as a 'Significant' Shareholder

by  Dave Ibemere 2 min read
  • FBN Holdings Plc, is the non-operating holding company that owns First Bank of Nigeria, one of Nigeria's biggest bank
  • In March this year, the Central bank of Nigeria dissolved the FBHN Board, and report has it Oba Otudeko, has since placed his shares up for sale
  • Femi Otedola have purchased more than 5% of the company's shares, making him immensely influential in the company's decision-making

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FBN Holdings (FBNH) Plc, the parent company of First Bank, on Saturday confirmed that Femi Otedola has acquired a 5.07 percent equity stake in the company.

The confirmation comes less than 24 hours after the company denied notification of possible acquisition of shares by the charismatic billionaire.

Legit.ng had earlier reported that FBN Holdings Plc on friday denied knowledge of Otedola acquiring buying the shares of the company

Less than 24 hours after, Femi Otedola confirmed as major shareholder in FBN Holdings
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 company followed the statement with a warning to the public to disregard any information of a take over.

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However, FBNH Company Secretary, Seye Kosoko, in another statement on Saturday posted on the Nigerian Exchange (NGX) Ltd website affirmed that Otedola and his nominee now own 5.07 per cent equity stake in the company.

The statement reads:

"We refer to our market disclosure on the aforementioned issue dated October 22, in which we stated that we will notify the public of any significant purchase upon receipt of information from the Shareholder."
"FBN Holdings Plc received notice from APT Securities and Funds Ltd this morning, October 23, 2021, that their client, Mr Otedola Olufemi Peter, and his nominee, Calvados Global Services Ltd, had purchased a total of 1,818,551,625 units of shares from the company's issued share capital of 35,895,292,791."

First Bank GMD, U.K Eke, makes a whopping N15.35million

In a related report, legit revealed that First Bank Nigeria Holdings' Group Managing Director, Urum Eke, made over over N15.35 million in eight hours toda.

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Eke's total investment in First Bank is now worth N1.25 billion today, but during this period last year, the GMD was valued at N520.13 million.

The report shows that Otedola potential take over helped First Bank stock value skyrocketing since the beginning of October 2021.

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.

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