- FBN Holdings Plc, is the non-operating holding company that owns First Bank of Nigeria, one of Nigeria's biggest bank
- In March this year, the Central bank of Nigeria dissolved the FBHN Board, and report has it Oba Otudeko, has since placed his shares up for sale
- Femi Otedola have purchased more than 5% of the company's shares, making him immensely influential in the company's decision-making
FBN Holdings (FBNH) Plc, the parent company of First Bank, on Saturday confirmed that Femi Otedola has acquired a 5.07 percent equity stake in the company.
The confirmation comes less than 24 hours after the company denied notification of possible acquisition of shares by the charismatic billionaire.
Legit.ng had earlier reported that FBN Holdings Plc on friday denied knowledge of Otedola acquiring buying the shares of the company
The company followed the statement with a warning to the public to disregard any information of a take over.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
However, FBNH Company Secretary, Seye Kosoko, in another statement on Saturday posted on the Nigerian Exchange (NGX) Ltd website affirmed that Otedola and his nominee now own 5.07 per cent equity stake in the company.
The statement reads:
"We refer to our market disclosure on the aforementioned issue dated October 22, in which we stated that we will notify the public of any significant purchase upon receipt of information from the Shareholder."
"FBN Holdings Plc received notice from APT Securities and Funds Ltd this morning, October 23, 2021, that their client, Mr Otedola Olufemi Peter, and his nominee, Calvados Global Services Ltd, had purchased a total of 1,818,551,625 units of shares from the company's issued share capital of 35,895,292,791."
First Bank GMD, U.K Eke, makes a whopping N15.35million
In a related report, legit revealed that First Bank Nigeria Holdings' Group Managing Director, Urum Eke, made over over N15.35 million in eight hours toda.
Exercise Books, Textbooks, other Print materials to Become more Costly as Cost of Paper Imports hit N1.23trn
Eke's total investment in First Bank is now worth N1.25 billion today, but during this period last year, the GMD was valued at N520.13 million.
The report shows that Otedola potential take over helped First Bank stock value skyrocketing since the beginning of October 2021.