Femi Otedola, Chairman of Geregu Power Plant and a leading philanthropist in Nigeria, has purchased additional shares of FBN Holdings, according to the latest disclosure filed with the Nigerian Exchange Limited.
The billionaire acquired additional 200 million shares in four different transactions between 6 and 8 of December 2021.
Otedola bought 70 million shares of FBN Holdings at N11.50 a unit. The Chairman of Geregu Power Plant then added 55 million, 40 million and 35 million at N11.35, N11.65 and N11.65 per share. Bringing his aggregate purchase to 200 million at an average price of N11.52 a unit.
Therefore, the billionaire invested an additional N2.304 billion in FirstBank‘s parent company, FBN Holdings Plc to take his total stake to 7.57 percent valued at over N44.7 billion. Otedola is now the largest single shareholder of the institution.
Speaking at Save the Children event, the new member of the prestigious group of Vice Presidents, said his widely publicised acquisition in FBN Holdings was a business move and not to become chairman of the leading financial institution.
“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement,” he stated.
Speaking further he said he sees opportunities in FBN holdings and was convinced of the institution’s continuous growth given its world-class corporate governance structure and strong management team. Otedola known for his strategic investment and leadership skills added that he doesn’t have to hold a position in the bank because of his status as the largest shareholder as he believes in allowing competent people to run institutions.
He lauded FBN Holdings management, saying “being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders. That is an institution with world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation”
Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion
As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.
Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.
Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.
Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.
Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.
Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.
Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.
As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.
MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares
MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has sold off $10.4 billion worth of Amazon shares, constituting approximately 25% of her stake in the company.
According to a regulatory filing, Scott disposed of 65.3 million shares in Amazon.com Inc. last year, further diminishing her ownership in the tech giant.
Since her divorce from Jeff Bezos in 2019, Scott has emerged as one of the world’s most prominent philanthropists.
Despite having held around 4% of Amazon’s shares post-divorce, her charitable endeavors have significantly reduced her stake over the past few years.
Notably, Amazon remains the primary contributor to her estimated $37.6 billion net worth as reported by the Bloomberg Billionaires Index.
Scott’s remarkable generosity extends far beyond divesting her Amazon holdings.
Over the past year alone, she has donated more than $16.5 billion to a diverse array of charitable organizations, underscoring her commitment to addressing various social issues.
Through her philanthropic efforts, Scott aims to make a tangible difference in the lives of individuals and communities in need.
In 2019, Scott affirmed her dedication to philanthropy by signing the Giving Pledge, a commitment undertaken by billionaires to donate the majority of their wealth to charitable causes.
Her approach to philanthropy reflects a deliberate and thoughtful strategy aimed at maximizing positive impact while advocating for social change.
While Scott remains steadfast in her philanthropic mission, Amazon founder Jeff Bezos, whose net worth stands at $184.1 billion, has yet to formally commit to the Giving Pledge.
However, he has expressed his intention to give away a significant portion of his wealth in the future, echoing Scott’s altruistic endeavors.
Femi Otedola Invests N6 Billion in Dangote Cement
Billion Femi Otedola has reportedly acquired shares worth N6 billion in Dangote Cement Plc, according to a Premium Times report.
Citing an anonymous source, Otedola purchased the shares in his name.
Dangote Cement Plc is the largest cement manufacturer in Sub-Saharan Africa and toppled Airtel Africa Plc as the most capitalised listed company in Nigeria.
In the last year, Dangote Cement has returned 81.4 percent with 17.04 billion outstanding shares.
Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.
In 2021, the billionaire purchased a substantial stake in FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank.
Presently, the billionaire holds a 5.57 percent stake in FBN Holdings, where he is the chair of the board of directors, according to the lender’s 2022 audited earnings report.
FBN Holdings recently surpassed the N1 trillion price mark in market value before shedding 2.53 percent on Thursday to close at N967.4 billion.
In April 2022, Mr Otedola purchased 2.6 billion or 6.3 percent shares of Transnational Corporation of Nigeria to become the top shareholder of the conglomerate.
However, Tony Elumelu, the biggest shareholder of United Bank for Africa quickly struck a secret deal with the billionaire to reclaim his ownership in the company and has since doubled down on acquisition to avoid a similar thing in the future.
Elumelu’s stake in the company rose from 2.07 percent to 25.9 percent to retain his place on the top spot of Transcorp’s ownership ladder.
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