October 23, (THEWILL) – FBN Holdings Plc has confirmed that billionaire investor and chairman of Geregu Energy, Femi Otedola, is the group’s single majority shareholder after the acquisition of 5.07% of its entire shareholdings from the Nigerian Stock Exchange.
FBNH in a statement on Saturday said this in a notification signed by its company secretary, Seye Kosoko, and submitted to the Nigerian Stock Exchange. The news comes after it had denied the story when it began trending late Friday evening.
When a company’s share price starts increasing, it is more likely that an investor is pumping money to take a position for specific reasons, stockbrokers said in reaction to the development.
From a low point of N7.30 early in the year, FBNH share price peaked at N12.40, according to a mid-day report on Friday before it settled at N12.1 per share at the close of the week’s trading session.
Kosoko said with this acquisition, Otedola now has a strong influence on the strategy and operations of the financial service group.
“We expect massive movement in the share price of the group from next week especially as the year is drawing to an end when investors go on profit hunting against year-end dividend declaration,” Ademola Aderemi, a stockbroker told THEWILL, adding that “this will end controversies that have followed FBNH in recent times.”.
About the Author
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.
