Femi Otedola Acquires Majority Shares Of First Bank Holdings

Femi Otedola Acquires Majority Shares Of First Bank Holdings

10/22/2021 8:20:00 PM

Femi Otedola Acquires Majority Shares Of First Bank Holdings

There are strong indications that the founder and chairman of the Geregu Energy Group, Femi Otedola, has acquired the majority shares of FBN Holdings

A source who craved anonymity told LEADERSHIP that Femi Otedola, is behind a massive mop-up of the shares of FBN Holdings, which would result in his becoming the single majority shareholder of the company.LEADERSHIP was informed by both FBN and the Nigerian Exchange that an official announcement would be coming in the days ahead.

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LEADERSHIP gathered that majority ownership of FBN Holding Company, is about to be upturned following months of slow and meticulous purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola.The billionaire investor and turnaround specialist famous for taking over African Petroleum earlier in the century and turning it into a dominant player in the downstream space of the oil and gas sector has been mopping up shares of the bank for months gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank.

Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Limited. It is also likely that there could be other vehicles associated with Otedola who may have also been mopping up shares. FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange. headtopics.com

It was gathered that Otedola, through his proxies and investing vehicles, now owns over five per cent of the bank, setting himself up to be the single largest shareholder of the bank. Read more: LEADERSHIP Newspaper »

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So, this means that otedola now owns firstbank...These people know how and when to move...I d like to learn eziokwum

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