Nigerian business tycoon Femi Otedola has significantly reinforced his position as the largest shareholder of FBN Holdings by acquiring an additional 546,674,034 shares through Calvados Global Services Limited, a company associated with him.
The transaction, which took place on June 20, saw Otedola purchase these shares at N21.97 per share, totaling ₦12.01 billion. This move underscores his ongoing commitment and confidence in FBN Holdings, where he was appointed Chairman of the board in January.
Otedola’s journey to becoming the largest shareholder began in December 2021 when he initially increased his stake to 7.57 percent. Since then, his strategic investments have consistently strengthened his influence within the company.
Following this recent acquisition, Otedola’s direct and indirect holdings in FBN Holdings now stand at 3,380,462,950 shares, representing a significant increase from his previous 2,517,282,140 shares. This latest purchase amounts to a total acquisition of 863,180,810 shares.
In an official corporate disclosure, it was revealed that Otedola had earlier acquired 316,506,776 shares at N21.91 per share, amounting to ₦6.935 billion. These purchases collectively consolidate his position as the largest individual shareholder in FBN Holdings, surpassing Barbican Capital Limited, owned by Oba Otudeko.
With these recent investments, Otedola now commands a 9.41 percent stake in FBN Holdings, totaling ₦18.9 billion in acquisitions. His continued involvement and substantial investments highlight his strategic vision and commitment to driving growth and stability within one of Nigeria’s leading financial institutions.
This move positions Otedola not only as a key figure within FBN Holdings but also reaffirms his stature as a prominent player in Nigeria’s corporate landscape, known for his astute business acumen and strategic investment decisions.
