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Femi Otedola Turns into Main Share Holder of First Bank After Buying Extra Shares

Nigerian businessman, Femi Otedola has grow to be the only largest shareholder of First Bank Nigeria Holdings Plc.

The billionaire businessman Femi Otedola achieved this after he reportedly acquired a further 2.5 % within the firm.

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FBN Holdings is the parent firm of First Bank of Nigeria (FBN).

It was gathered that Otedola’s stake has now risen over that of Tunde Hassan-Odukale, one other shareholder.

Hassan-Odukale’s oblique shares had been partitioned into two: 4.16 p.c and 1.20 p.c — in what the Nationwide Pension Fee (PenCom) described as funds belonging to retirement financial savings account (RSA) holders.

TheCable had earlier studies that Otedola was making strikes to amass extra shares to grow to be the chairman of the financial institution as the only largest shareholder.

Primarily based on this, the fairness stake of Otedola is now 7.57 p.c of the issued shares capital of FBNH.

After regulatory approvals, Otedola will now nominate extra administrators, having nominated two earlier than — one into FBN and the opposite into the HoldCo.

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