Otedola buys fresh shares in FBN Holdings, stake hits 11.63%

Femi Otedola, the billionaire businessman, has acquired additional 2.22 percent shares in FBN Holdings.

The deal was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday.

The fresh acquisition further cements the billionaire’s control in the company as his shareholding has now reached 11.63 percent — the highest.

According to the NGX filing, Otedola spent N17.2 billion to buy 797,946,415 shares at 21.58k.

The latest acquisition comes just four days after the serial investor increased his stakes in the holding company to 9.41 percent after splashing a whopping N18.9 billion to buy a total of 863,180,810 shares.

With that and in addition to the latest purchase, Otedola’s shares (direct and indirect) in FBN Holdings has now leapt to 4,178,409,365 — from 2,517,282,140 shares.

This means the businessman is now the biggest shareholder in the company, displacing Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

The appointment had come two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

TheCable understands that Otedola spent over N100 billion on FBN Holdings shares in three years.