Otedola Increases Stake in FBN Holdings to 11.63%, Acquires Additional 2.22% Shares

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Femi Otedola, the billionaire businessman, has acquired an additional 2.22 percent shares in FBN Holdings.

Nigerian businessman Femi Otedola has further solidified his position as the largest shareholder in FBN Holdings, increasing his stake to 11.63% after acquiring an additional 2.22% of shares. This latest purchase, disclosed in a filing with the Nigerian Exchange Group (NGX) on Monday, comes just days after Otedola boosted his holdings to 9.41%.

Otedola spent a total of N36.1 billion to acquire 1,661,127,225 shares across the two transactions, with the most recent purchase costing N17.2 billion for 797,946,415 shares. This significant investment brings his total ownership (direct and indirect) in FBN Holdings to 4,178,409,365 shares, surpassing previous leader Barbican Capital Limited (owned by Oba Otudeko) which holds 3,110,400,619 shares.

Otedola’s rise to the top shareholder position comes after his appointment as FBN Holdings’ chairman in January 2024. This appointment initially followed his acquisition of the largest shareholder stake in December 2021 (at 7.57%). However, a month later, FBN Holdings named Barbican Capital Limited as the majority shareholder, placing Otedola as the second-largest at that time.

Despite the temporary shift, Otedola’s recent acquisitions demonstrate his continued commitment to FBN Holdings. Reports suggest his total investment in the company over the past three years has surpassed N100 billion.

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