Femi Otedola reportedly acquires majority stake in FBN Holdings

Femi Otedola reportedly acquires majority stake in FBN Holdings

Billionaire philanthropist, Femi Otedola, on Friday, October 22, reportedly acquired majority shares in FBN Holdings Plc, a financial holding company, with First Bank of Nigeria Limited, as a key subsidiary.

Femi Otedola reportedly took over the bank with the acquisition of about ₦30 billion worth of shares; making him the single largest shareholder.

It was gathered that Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd.

The billionaire investor has been mopping up shares of the bank for months; gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank, according to various sources.

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Another report by Nairametrics noted that Femi Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd. It is also likely that there could be other vehicles associated with Mr Otedola who may have also been mopping up shares. FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.

“The latest audited account of FBN Holdings does not have any shareholder; with up to 5% of the ownership of the banking behemoth. According to our sources, shares of FBNH have been mopped up over the course of the last 6 months; when the share price traded at just above N7.

“It further revealed off-market block purchases ranging in the hundreds of millions of units; were reported by traders with the knowledge of the transaction; even though it was not immediately clear who was behind the purchases. As the rumours swirled in October, FBNH share price rose as high as N12 per share gaining 69% in two weeks.”

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Kano has alerted the Federal Government to the alleged decision by some private depot owners to increase fuel prices.

The Chairman, IPMAN Kano Branch, Alhaji Bashir Danmallam, disclosed this in a statement in Kano on Friday, October 22.

He said that the decision would cause a fuel crisis in the country, if not halted.

 

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