July 21, 2024

Otedola gains more shares and strengthens its hold on First Bank.

Yesterday, Mr. Femi Otedola increased his ownership position in First Bank of Nigeria, FBN Holdings, by acquiring 9,193,339 more shares in various tranches, valued at N183, 438,702.50.

In the first tranche, NGX Otedola purchased 1,228,141 units of shares at N20.30 per share, for a total of N24,931,262.30, according to a filing on the Nigerian Exchange Limited. In the second tranche, 7,965,198 units of shares were purchased at N19.90 per share, for a total of N158,507,440.20.

Recall that on Monday, Otedola purchased 797.7 million shares of FBN Holdings for N17.2 billion, increasing his ownership of the company to 11.6 percent compared to Oba Otudeko’s 8.7 percent, who is his closest competitor.

On Thursday of last week, Mr. Otedola acquired 863.2 million shares in two different transactions, which made up over 99% of all trading activity within FBN Holdings.

Although he bought 316.5 million units directly in his name for N6.9 billion, he also bought 546.7 million units through Calvados Global Services Limited, his nominee, in a deal estimated to be worth N12 billion.

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