The chairman of FBN Holdings, Femi Otedola has tightened his grip in the company by cementing his position as the single largest shareholder of the financial services giant.
Femi, while informing the NGX, confirmed that he had acquired an additional 797,946,415 shares of the company at an average price of N21.58. The transaction value of the new acquisition amounts to a staggering N17.2 billion.
The billionaire had acquired N18.9 billion worth of shares, which increased his shareholding to 9.41% last week.
This most recent acquisition takes his combined stake to 11.64%, making him the only shareholder of the bank with a total shareholding exceeding 10%.
He now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion.
This rekindled interest in the acquisition of FBN Holdings stock after reducing his stocks in mid-2022 suggests that the billionaire investor is very confident about the outlook of the bank and the financial services sector.
