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Breaking: Otedola Increases Stake in FBN Holdings, Now Owns 11.64%

by Techeconomy
June 24, 2024
in News
0
Breaking: Otedola Increases Stake in FBN Holdings, Now Owns 11.64%
UBA
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In a strategic move, billionaire businessman Femi Otedola has acquired additional shares in FBN Holdings Plc, increasing his stake in the financial services giant to 11.64%, according to a disclosure filed with the Nigerian Exchange Limited (NGX).

The latest transaction sees Otedola acquire 797,948,415 additional shares in FBN Holdings at an average price of N21.58, solidifying his position as a major shareholder in the company.

The transaction value of the new acquisition amounts to a whopping N17.2 billion.

This latest acquisition increases his combined stake to 11.64%, making him the only shareholder of the bank with a total shareholding exceeding 10%.

Before this, the billionaire businessman had bought shares worth N18.9 billion, increasing his shareholding to 9.41%. With this latest acquisition, his investment in the company amounts to N36.1 billion.

As a result, he now holds a combined 4.178 billion shares out of the company’s total outstanding shares of 35.895 billion

The move comes amid a broader restructuring and recapitalization drive within Nigeria’s banking sector, as the Central Bank of Nigeria (CBN) has mandated lenders to shore up their capital bases.

The latest acquisition suggests the billionaire is now in effective control of the bank following months of internal shareholder positioning as the bank now has a new MD/CEO and a reconstituted board with him as Chairman.

However, industry experts view Otedola’s increased investment in FBN Holdings as a vote of confidence in the company’s growth prospects and its ability to navigate the ongoing industry changes.

As a renowned entrepreneur with diverse business interests, Otedola’s association with the financial conglomerate is seen as a positive signal for investors.

“Femi Otedola’s decision to acquire more shares in FBN Holdings demonstrates his belief in the company’s long-term potential,” said a financial analyst, Okechukwu Emordi

“His increasing stake suggests that he sees value in the institution and is positioning himself to benefit from its future growth.”Emordi reiterated

The latest disclosure comes on the heels of Otedola’s previous acquisition of a 5.07% stake in FBN Holdings, which he purchased in October 2021.

The billionaire’s growing interest in the company has sparked speculation about his intentions and the possible strategic implications for FBN Holdings’ future.

As the Nigerian banking sector continues to evolve, the market will closely monitor the impact of Otedola’s increased involvement in FBN Holdings and the potential implications for the company’s performance and competitive positioning.

 

 

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