First Bank Holdings confirms billionaire Otedola’s acquisition of firm’s majority shares

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First Bank Holdings confirms billionaire Otedola’s acquisition of firm’s majority shares

First Bank Holdings, owners of First Bank Nigeria has confirmed Nigerian billionaire, Femi Otedola as the majority shareholder of the company.

Out of the total shares of 35,895,292,791 by the bank, Otedola acquired 1,818,551,625, leaving a remainder 34 billion shares for the rest of the shareholders.

With that volume of shares, Otedola has become the biggest single shareholder of the bank. This by the rules qualifies him to head the board of the bank or be in the position to decide who does.

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Periscope International reports that when news filtered in that Otedola took over the bank’s ownership with the share volume that amounts to about N30b or 5.07%, which was somehow exaggerated, the bank declined comment stating that it would wait for the right information from the Nigerian Exchange Limited.

The company however later confirmed it in a follow-up communication to the Nigerian Exchange Limited on Saturday.

“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

“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 35,895,292791.”

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by the Company Secretary, Seyi Kosoko stated.

With his acquisition of the five per cent stake in FBN Holdings, Otedola’s shareholding surpasses that of Oba Otudeko and Oye Hassan Odukale.

The two men are the firm’s biggest owners with 1.5 per cent and 1.03 per cent holdings respectively.

First Bank, as the name implies, is Nigeria’s oldest bank which was established in 1894 and has remained one of the country’s biggest banks to date.

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