NGX Confirms Femi Otedola Has Acquired 5% Stake In FBN

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NGX Confirms Femi Otedola Has Acquired 5% Stake In FBN

The Nigerian Exchange Limited (NGX) has disclosed that it received information that Nigerian business mogul, Femi Otedola has acquired substantial shareholding in First Bank of Nigeria Holdings.

The NGX confirmed that it received notification that Otedola, the Chairman of Calvados Global Services Limited has acquired 5% equity shares in First Bank, making him the bank’s single largest shareholder.

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This is coming barely 24 hours after First Bank had denied reports that Otedola acquired about N30 billion worth of shares in the company.

However, according to a statement obtained by the NGX which was signed by FBN Holdings Plc’s Secretary, Mr. Seyi Kosoko, Otedola acquired a total of 1,818,551,625 units of shares from the company.

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The statement reads, “We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791. Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07 per cent.”

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