June 20, (THEWILL) – Billionaire businessman, Femi Otedola, has regained his position as majority stakeholder in FBN Holdings Plc.
According to a filing at the Nigerian Exchange (NGX) on Thursday, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.
He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.
Otedola previously held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited, which holds an 8.67% stake.
Thus, by acquiring an additional 863,180,810 shares, he has added 2.40% to his previous stake, increasing his total stake in the group to 9.41%.
THEWILL recalls that the pursuit of a majority stake in FBN Holdings began in October 2021 when Femi Otedola first announced that he had secured a 5.07% shareholding.
Following this, in December 2021, Otedola increased his stake further to 7.57%, marking a significant leap.
By mid-2022, Otedola reduced his stake to 5.24%, divesting approximately 30% of his shareholding in the group.
However, by July 2023, Oba Otudeko reemerged on the scene through his company, Barbican Capital Limited, declaring a 13.3% stake in FBN Holdings.
At the end of the financial year, the company confirmed in its audited accounts that Barbican held an 8.67% stake, a figure also verified by the Central Bank of Nigeria (CBN).
Despite Otedola assuming the role of Chairman of FBN Holdings in January 2024, there were still considerations regarding Otudeko’s potential influence within the company.
Otedola’s declaration now makes him the majority shareholder, and as Chairman, the billionaire appears to have taken full control.
By this development, Femi Otedola, who rejoined the Forbes Billionaires List this year, now holds the majority shareholding in two major Nigerian companies, FBN Holdings and Geregu Power Plc.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
