Femi Otedola, a Nigerian business mogul and the Chairman of First Bank of Nigeria Holdings, has acquired another 534,094,407 ordinary shares at N30.00 each, amounting to a total value of N16.02bn in First Bank.
This is coming after Otedola in July, had bought 4.63 per cent of the banking group’s shares in two trading sessions. This purchase was among the major criteria that herald his emergence as the majority shareholder of the group.
Once again, Otedola took his investment in the FBN Holdings more seriously with the yet another investment of N16.02bn. A notice filed on the Nigerian Exchange Limited about directors dealing on Thursday noted that this transaction took place between September 23 and September 25 and has been officially documented as an initial notification in compliance with director dealing regulations on the Nigerian Exchange Limited.
With his latest acquisition, the Chairman of FBN Holdings has strengthened his position as one of the largest shareholders of the banking group, one of the oldest in Nigeria and a strategically important bank.
Before he emerged as the chairman of the board in January, Otedola was appointed as a Non-Executive Director of the company in July 2023. His appointment was approved by the CBN and, subsequently, the shareholders at the Annual General Meeting held on August 15, 2023.
First Bank of Nigeria Holdings’ profit at the end of 2023 rose to N309.89bn, which is 127 per cent higher than N136.17bn at the end of the corresponding period in 2022.
