Femi Otedola, First Bank Owner, Makes N400m in One Day From Shares in First Bank Nigeria Holding
- Femi Otedola, current majority share owner of First Bank Holding Plc is smiling home N400 million richer
- His shares in the bank rallied on Monday, December 20, 2021 to a resounding start when the bulls were at work at Nigeria Stock Exchange
- At the end of the trading session, Otedola’s stake is currently worth about N33.15 billion, a hike from N32.74 billion
Billionaire businessman, Femi Otedola became N400 million richer in a single day, thanks to his majority shares in First Bank Holding Limited.
Otedola gained the amount in a single session on the Nigerian Exchange Limited, as investors rallied up top banks’ shares after the trading day.
Source: Facebook
The serial investor and Chairman of Geredu Power Plant currently holds the majority stake in First Bank Holdings Plc. His shares in the top Nigerian bank stands at 2.7 billion in total shareholding which represents 21o billion in direct holdings and 2.5 billion issued shares of the company.
A hike into millions
At the end of the trading session, Otedola’s stake is currently worth about N33.15 billion, a hike from N32.74 billion as at the end of the market on Monday, December 20, 2021.
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The price of First Bank Holding increased by 1.24 per cent in a single session from N12.05 per share at the opening of the market, to N12.20 per share at the close of the market.
This took the group’s market capitalization up by N5.38 billion on the exchange, from N432.54 trillion to N437.92 billion at the close of trading activities on Nigeria’s stock exchange.
Stock performance
The shares of FBN Holdings Plc have advanced by 70.63 per cent from year to date, starting the year at N7.15 and currently trading at N12.20.
The shares of the company have returned about 95.20% gains for investors who bought them at their 52-week low trading price of N6.05 per share.
During today’s trading hours, 20,189,929 ordinary shares of FBNH Plc worth about N244.72 million, were exchanged in 204 executed deals.
Otedola takes over FBNH
Legit.ng has reported that Billionaire investor, Femi Otedola, has been reported to have added First Bank Nigeria to his list of assets.
According to a report by Nairametrics, Otedola in the last few months silently bought the shares of the bank for N30 billion, making him the single largest shareholder of the bank and this gives him voting power.
The report also noted that an unidentified insider claimed an announcement will be made in the coming days.
However the bank has come out to denial knowledge of Otedola's acquisition
Source: Legit.ng
