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Otedola Continues to Increase Stake in FBN Holdings, Acquires Additional 200 Million Shares

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Femi Otedola

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”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Billionaire Watch

Top 10 Richest People in the World Gained $38.24 Billion on Friday

The top ten richest billionaires in the world saw their combined net worth increase by $38.24 billion on Friday when global equities rebounded following a three-week of decline.

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Elon Musk

The top ten richest billionaires in the world saw their combined net worth increase by $38.24 billion on Friday when global equities rebounded following a three-week of decline.

Elon Musk’s net worth rose by $7.54 billion to $223 billion, reducing his year-to-date decline from over $50 billion to $46.8 billion. Jeff Bezos, the world’s second-richest man, net worth rose by $4.16 billion to $140 billion on the back of $4.02, or Amazon stock closed at $116.46 a unit on Friday.

Bernard Arnault’s net worth expanded by $5.16 billion from $125.84 billion on Thursday to $131 billion. Bernard Arnault owned a 46.84% stake in LVMH and its stock price rose €21.40, or to €587.40 a unit.

Bill Gates, the former world’s richest man and a shareholder in Microsoft Inc, realised $2.72 billion in Friday’s rally. Presently, Gates’s net worth stood at $116 billion, reducing his year-to-date decline to $21.7 billion.

Alphabet (Google Inc) co-founders, Larry Page and Sergey Brin gained $4.56 billion and $4.34 billion to see their net worths jump to $107 billion and $102 billion, respectively. On Friday, the price of Alphabet stocks appreciated by $114.66, or to $2,359.50 a unit.

Warren Buffett, the largest shareholder in Berkshire Hathaway, recorded a $3.55 billion increase in his net worth to $96.8 billion. Buffet owns a 30.71% stake in Berkshire Hathaway, according to the available information.

Gautam Adani, who recently announced $8 billion donations to mark his 60 birthday, has gained part of that donation back. The billionaire’s total net worth grew by $2.23 billion to $94.9 billion as of Friday.

Adani’s net worth rose the most among the top ten billionaires this year so far. The billionaire’s year-to-date change or increase expanded to $18.4 billion as shown in the table below.

Steve Ballmer, the proud owner of the Los Angeles Clippers Basketball Team, gained $2.82 billion from the Friday rally. Total net worth rose to $94.5 billion.

Mukesh Ambani, the second Indian billionaire on the list, saw his net worth grow by $1.16 billion to join his fellow Indian, Adani as the two billionaires with positive year-to-date returns despite the surge in global uncertainty due to the Russia-Ukraine war. Ambani’s total net worth inched higher to $90.4 billion. See the table below for more details.

Top 10 Richest People in the World

Rank Name Total Net Worth $ Last Change $ YTD Change Country Industry
1 Elon Musk $223B +$7.54B -$46.8B United States Technology
2 Jeff Bezos $140B +$4.16B -$52.4B United States Technology
3 Bernard Arnault $131B +$5.16B -$46.7B France Consumer
4 Bill Gates $116B +$2.72B -$21.7B United States Technology
5 Larry Page $107B +$4.56B -$21.9B United States Technology
6 Sergey Brin $102B +$4.34B -$21.4B United States Technology
7 Warren Buffett $96.8B +$3.55B -$12.2B United States Diversified
8 Gautam Adani $94.9B +$2.23B +$18.4B India Industrial
9 Steve Ballmer $94.5B +$2.82B -$11.1B United States Technology
10 Mukesh Ambani $90.4B +$1.16B +$439M India Energy

 

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Billionaire Watch

Top 7 Crypto Billionaires Lose a Combined $114 Billion

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Binance CEO

Fortune of top seven crypto billionaires plunged with cryptocurrency crash as market uncertainties amid rising interest rates dragged on capital inflow into the cryptocurrency market.

According to Bloomberg’s recent report, the top 7 crypto billionaires have lost a combined $114 billion to the present crash and it could get worse.

Changpeng Zhao, the world’s richest cryptocurrency investor and the CEO of Binance, was reported to be worth $95.8 billion in 2021. Presently, the CEO of the biggest cryptocurrency exchange company with investment in Bitcoin and BNB coins, worth $10.2 billion. Meaning, the billionaire has lost $85.6 billion since the cryptocurrency crash started last month.

Samuel Bankman-Fried, the 29-year-old co-founder and chief executive officer of FTX cryptocurrency exchange firm, has seen his net worth decline by $6.2 billion from $15.1 billion reported in November 2021 to $8.9 billion in June 2022, according to Bloomberg Billionaires Index.

Brian Armstrong, the CEO of Coinbase, is presently worth $2.1 billion after the company announced it was cutting staff strength by 18% because of the plunge in cryptocurrency value.

In 2021, Bloomberg estimated Armstrong’s net worth at $13.7 billion shortly after Coinbase was listed on NASDAQ. Since listed, Coinbase’s stock value has plunged by $290.42, or

In the first quarter alone, revenue dropped by 35.28% to $1.17 billion while net income dipped by 155.69% to -$429.66 million. Highlighting the level of uncertainty in the cryptocurrency space.

Other billionaires on the list also suffer losses, Mike Novogratz, CEO of Galaxy Investment Partners which focuses on cryptocurrency investments, and Fred Ehrsam, co-founder of cryptocurrency investment firm Paradigm and Coinbase, worth $2.1 billion each as shown below.  See the top 7 crypto billionaires below.

List of Top 7 Crypto Billionaires 

Billionaires Net Worth as of 9 Nov. 2021 Net Worth as of 13 June 2022
Changpeng Zhao $95.8B $10.2B
Samuel Bankman-Fried 15.1B 8.9B
Brian Armstrong 13.7B 2.1B
Mike Novogratz 8.5B 2.1B
Fred Ehrsam 4.5B 2.1B
Tyler Winklevoss 3.8B 3.0B
Cameron Winklevoss 3.8B 3.0B

 

 

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Billionaire Watch

Twitter Investors Drag Elon Musk to Court Over Wrongful Conduct, Market Manipulation

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Elon Musk and Twitter

Following a US$9.12, or

In the lawsuit filed in California and obtained by the media, Twitter investors accused Musk of wrongful conduct via a series of false statements and market manipulation strategies. This, they claimed has created chaos in the company’s headquarters in San Francisco, California.

The aggrieved investors accused Elon Musk of violating “California corporate laws in several ways.” 

Frank Bottini, one of the lawyers representing Twitter investors, told reporters that the lawsuit was filed because Mr. Musk “continues to disparage the company he wants to buy for $44 billion to renegotiate the purchase price”.

“The complaint we filed in San Francisco seeks to hold Musk liable for his unlawful conduct,” Mr. Bottini stated. 

Referring to Musk’s May 13, 2022 tweet,  the lawsuit claimed Elon’s message “constituted an effort to manipulate the market for Twitter shares as he knew about the fake accounts.”

Recall that Investors King reported that the Tesla boss had put the Twitter takeover on hold due to a high number of fake or spam accounts on the platform. While Musk had said he would reduce fake or spambot accounts on the platform, analysts had pointed to a carefully mapped out plan to force renegotiation at a much lower price.

“Musk spotted a hole in Twitter operations after he had already agreed to a $44 billion deal with the company’s management, you can’t blame the billionaire for trying to exploit that financially,” said Samed Olukoya, Founder and Chief Executive Officer, Investors King Ltd.

“Here is it. Twitter will either accept renegotiation or address Elon Musk’s concerns and subsequently reposition the platform for growth.”

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