December 10, (THEWILL) – Billionaire investor Femi Otedola has announced an increase in his shareholdings in FBN Holdings to 7.57%
This was made known in a press statement sent to the Nigerian Stock Exchange on Friday, December 10, 2021.
This development makes Otedola the single largest majority shareholder of the bank.
In a letter addressed to the company’s secretary, Oluseye Kosoko, with the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited in copy, Otedola said he has now acquired 7.57% ownership in FBNHoldings Plc.
The letter, dated December 9, read, “I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57% percent of the issued shares capital of the Company.
“Section 120 of the Companies and Allied Matters Act requires that I give notice in writing to the Company stating amongst other things, the particulars of the shares held by me or my nominees by virtue of which I am a substantial shareholder.”
Otedola has now acquired a total of 2,717,282,140 units, representing 7.57% of the company’s issued share capital of 35,895,292,791.
He added that, “I understand also that Rule 397(2) of the Consolidated Rule and Regulations of the Securities and Exchange Commission (SEC) requires the Registrar to file information on any transaction that brings beneficial ownership of shares in the company to 5 percent or more which is to be notified to the Commission, the Company and the Securities Exchange.
“I am also aware that Rule 4.1 of the Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria requires that where shares constituting 5.0% of the Company are acquired through the secondary market, the financial holding company shall apply for approval from the CBN within seven (7) days of the acquisition.
“While trusting that the Registrars have discharged their duty of notification to the Company in accordance with Rule 379 (2) of the SEC Rules to facilitate the obligation of notification to the CBN, this letter further serves as notification of additional shares acquisition by me {Otedola Olufemi Peter}, this will enable the Company obtain the requisite approval from the CBN and notify the CAC accordingly.”
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