Billionaire Femi Otedola Boosts Stake in FBN Holdings to 13.16%

The board of FBN Holdings Plc on Thursday announced that billionaire Olufemi Otedola has increased his holdings in the company a few weeks after Oba Otudeko’s shares were reduced to 3,110,400,619 due to his failure to prove ownership of the remaining 2,275,996,583 shares.

In a regulatory filing, Otedola purchased 534,094,407 shares between September 23 and 25 at N30.00 per share in Lagos, Nigeria. The billionaire paid N16.023 billion for the shares.

In July, Otedola paid N17.2 billion to acquire 797,946,415 shares at N21.58 per share, pushing his total stake to 11.64%.

While the latest purchase represents 1.49% of FBN Holdings, Otedola’s total stake in the bank is now 13.16% or 4.712 billion of the company’s total outstanding shares of 35.895 billion.

Olufemi Peter Otedola CON is a Nigerian businessman and philanthropist. He is the former chairman of Forte Oil Plc, and is the current executive chairman of Geregu Power PLC.

Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.

He has recently invested in power generation as part of the liberalization of the sector in Nigeria.