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Otedola acquires First Bank’s 5 per cent, emerges majority shareholder


The Nigerian billionaire, Femi Otedola, has emerged the majority shareholder of First Bank Holdings, owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake, the company confirmed Saturday.

The holding firm had earlier denied knowledge of the takeover saying it had not received a notification of a significant holding by Otedola.

In a follow-up communication to the Nigerian Exchange Limited Saturday, the firm said it received notification from APT Securities and Funds Limited that its client, “that 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 35,895,292791.”

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, company secretary, said.

In the 10 days to Friday, FBN Holdings witnessed an unusually massive trading in its shares and the cumulative number of units traded within the period surpassed 2.1 billion. The uptick in trading catapulted its share value by 62.3 per cent from the level it was three weeks ago.

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