Otedola acquires major stake in First Bank

Femi Otedola
Femi Otedola

Nigerian billionaire, Femi Otedola has reportedly acquired a major stake in First Bank of Nigeria’s parent company, FBN Holdings Plc.

The acquisition was confirmed by the company secretary, Seye Kosoko.

According to Kosoko, the former Chairman of Forte Oil Plc now owns 5.07% of FBN Holdings.

“We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder,” the notice said.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”