Otedola acquires additional N183m shares in FBN Holdings

Femi Otedola, the billionaire businessman, has acquired additional shares in FBN Holdings valued at N183 million.

The fresh acquisition was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Wednesday.

The development comes two days after he bought 797,946,415 shares at N21.58k for N17.2 billion.

According to the NGX filing, Otedola bought 1,228,141 shares for N24.9 million at N20.30k on June 25.

Similarly, Otedola also acquired 7,965,198 shares of FBN Holdings at N19.90k at N158.5 million.

The deal was executed through his company — Calvados Global Services Limited — bringing the total value of shares bought on June 25 to N183.4 million.

This is the third time the mogul will acquire FBN Holdings shares in June.

On June 20, Otedola, who is also the chairman of FBN Holdings, bought shares valued at N18.9 billion.

Four days later, his shares increased to 4,178,409,365 after he bought 797,946,415 shares worth N17.2 billion.

In less than seven days, the billionaire has bought N36.2 billion worth of shares.

Otedola’s total shares (direct and indirect) in FBN Holdings have now moved from 4,178,409,365 to 4,187,602,704 shares.

Within six months of being appointed chairman of the holding company’s board of directors, Otedola has acquired more shares than Barbican Capital Limited, owned by Oba Otudeko, to be the largest shareholder in the company.

His 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.