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FBN Holdings speaks on Otedola’s alleged majority share acquisition

“The Company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.  FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the Shareholders and the Company’s Registrars.”

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Femi Otedola, billionaire businessman

FBN Holdings Plc, the holding company of First Bank of Nigeria, has spoken on the alleged acquisition of majority shares by Femi Otedola, billionaire businessman.

Seyi Kosoko, the company secretary, made this known on Friday, October 22, in a statement sent to the Nigerian Exchange Limited (NGX).

It was previously reported by some media outlets that the business mogul had acquired a significant shareholding in the company.

Otedola was said to have acquired more than five percent equity stake in FBN Holdings through provies and investments — reportedly now the single largest shareholder of the bank.

FBN Holdings insisted it operates in a regulated environment which required notifications of significant shareholding by shareholders to the company, where shares are held in different vehicles.

It further stated that the bank will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholder and the company registrars.

The statement read: “The attention of FBN Holdings Plc (the Company) has been drawn to media reports today, 22 October 2021 purporting that a certain individual has acquired significant shareholding interest in FBN Holdings Plc {the Company) therefore making him the majority shareholder in the Company.

“As a listed Company, the shares of FBN Holdings Plc are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by Shareholders to the Company, where shares are held in different vehicles, further to which the Company will notify the regulators and the public as appropriate.

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“The Company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.  FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the Shareholders and the Company’s Registrars.”

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