First Bank Confirms Billionaire Femi Otedola as Single Largest Shareholder, as he Makes Over N543m in 8 Hours

First Bank Confirms Billionaire Femi Otedola as Single Largest Shareholder, as he Makes Over N543m in 8 Hours

  • In it is now settled First bank has confirmed that Femi Otedola is its largest individual shareholder
  • This is coming months after a faceoff between two billionaires Otedola and Tunde Hassan-Odukale
  • In its latest report, First bank shows that Otedola has amassed 7.56% of its shares and this helped him earned over over N543m on Thursday

First Bank of Nigeria Holdings (FBN) has confirmed Femi Otedola has its largest single shareholder.

It revealed this in its full year result which was submitted to the Nigerian Exchange on Tuesday, 25 May 2022.

According to the report, FBN report Otedola has a direct holding of 0.58% direct stake and 6.98% indirect stake.

First Bank, Femi Otedola
Movement of First Bank shares Credit: NGX
Source: Facebook

This brings Otedola total stake on one of Nigeria's oldest bank to 7.56% making him clear of Tunde Hassan-Odukale who has 4.31% as at the end of 2021.

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Hassan-Odukale’s 27,530,930 direct shares, and 1,518,758,784 indirect shares in First Bank is worth N16.62 billion.

Otedola makes over N543m

Meanwhile, Femi Otedola pocketed almost N543 million on Thursday as the value of his share holdings (2.7 billion units) increased from N28.66 billion to N29.21 billion during trading.

This occurred when First Bank shares rebounded from two days of losses to rise from N10.55 to N10.75 per share.

Breakdown of Otedola shares on First Bank

  • Femi Odetola Direct Holding . 210,000,000 0.59
  • Calvados Global Services Limited . Indirect Holding 1,989,342,376 5.54
  • Primrose Global Concept . Indirect Holding 170,000,000 0.47
  • Shetland Global Indirect Holding 174,939,764 0.49
  • Wells Properties Indirect Holding . 120,000,000 0.33
  • Impetus Synergy . Indirect Holding . 53,000,000 0.15

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Business leaders of post-independence Nigeria

Aliko Dangote is one of, if not the most vital businessman in Nigeria post-independence, as the cement mogul has established several companies creating jobs for Nigeria.

In a list compiled by, Dangote was mentioned alongside other notable business people such as Folorunsho Alakija, Rabiu Abdulsamad, Mike Adenuga and Obi Cubana.

They have changed the face of business in Nigeria, ending the era of kola nut and groundnut being the key to success, in creating other revenue potential enterprises.


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