FBN Holdings makes U-turn, acknowledges Otedola’s shares

FBN Holdings Plc, the holding company of First Bank of Nigeria, says it has received notification that Femi Otedola, billionaire businessman, has acquired 5% stake in the company.

In what insiders describe as a political move, Seyi Kosoko, the company secretary, had on Friday said FBN Holdings was not aware of Otedola’s shares in a statement to the Nigerian Exchange Limited (NGX).

The letter, a reaction to online reports, was reportedly at the behest of Tunde Hassan-Odukale, the current chairman.

A letter circulating on social media is now attributing 5.36% holding to Hassan-Odukale, although insiders told TheCable he and his entities own only 3%.

TheCable understands that Otedola is still acquiring more shares and is poised to become the chairman of the bank as the largest shareholder.

Meanwhile, in a volte face on Saturday, Kosoko issued another notice saying FBNH had received “a notification from APT Securities and Funds Limited, that their Client, 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 35,895,292,791.

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company
is now 5.07%.”

FBN Holdings had insisted it operates in a regulated environment which required notifications of significant shareholding by shareholders to the company, where shares are held in different vehicles.