FBN Holdings Confirms Femi Otedola’s 5.07 Percent Stake in FirstBank

FBN Holdings has finally confirmed that Mr. Femi Otedola and his nominee Calvados Global Services Limited acquired a total of 1,818,551,625 units of shares from the company’s issued capital of 35,895,292,791. The acquisition means the stake of Mr. Otedola in FBN Holdings stands at 5.07 percent as of Friday, 22 October 2021.

FBN Holdings communicated this in a disclosure signed by the company’s secretary, Mr Seyi Kosoko and filed with the Nigerian Exchange Limited on October 23, 2021.

FBN Holdings initially released a statement denying media reports of any acquisition by any individual in the company but promised to notify the appropriate agencies and authorities as soon as it receives any notice of significant shareholding by the Shareholders and the company’s registrars.

The company finally confirmed the reports as it received a notification from APT Securities and Funds that their client Mr Femi Otedola had made acquisitions.

The full statement read “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. 

This morning, October 23, 2021, FBN Holdings Plc 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%

This move marks Mr Otedola’s entry into the banking sector having sold his 75 percent direct and indirect stake in Forte Oil, an importer of fuel products in 2019. After the sale of his stake in Forte Oil, Mr. Otedola shifted his focus to the power sector with a stake in Geregu Power Plc. He currently serves as the chairman of the company.

Geregu Power Plc is a power generation company registered in Kogi State.