Femi Otedola, now the Chairman of FBN Holdings, has acquired 4.63% of the banking group’s shares in just two trading days, positioning himself as the largest shareholder. A notice filed with the Nigerian Exchange Limited on Monday revealed that the billionaire purchased a 2.22% stake, or 797,946,415 shares, at N21.58 per share, amounting to N17.22 billion.
Earlier, Otedola had bought 863,180,810 shares valued at N18.95 billion, including 316,506,776 shares at N21.91 each and 546,674,034 shares through Calvados Global Services Limited at N21.97 per share.
By December 2023, audited results showed Otedola held 40,033,982 shares (0.11%) directly and 1,989,342,376 shares (5.54%) indirectly, compared to Barbican Capital Limited’s 3,110,400,619 shares (8.67%), linked to former Chairman Oba Otudeko.
With this latest purchase, Otedola emerges as the principal shareholder of FBN Holdings, a major banking institution in Nigeria. He joined as a Non-Executive Director in July 2023 after receiving approval from the CBN, and his appointment was confirmed at the Annual General Meeting in August, before ascending to Chairman in January.
In the first quarter of 2024, FBN Holdings recorded a 181.43% surge in gross earnings, reaching N1.60 trillion. Interest income contributed 60% of the overall earnings, while non-interest income grew by 153.67% to N601.70 billion. The profit before tax saw an increase of 25.15%, amounting to N350.59 billion. Additionally, the group disclosed plans to raise N300 billion in fresh capital to comply with regulatory requirements.
