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

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”