Femi Otedola Now Majority Shareholder of First Bank Nigeria

Billionaire investor, Femi Otedola has declared 5.07% ownership for FBNH, Nigeria’s oldest bank. This was confirmed in a letter published by FBNH on the website of the Nigerian Exchange.

Mr. Otedola acquired over 5% of the bank after acquiring shares of the bank over a protracted period.

In the letter dated October 23rd, 2021 the bank confirmed 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 35,895,292,791.

The total shareholding has now taken Mr. Otedola’s ownership to 5.07% more than any other single shareholder on record. See excerpts of press release below;

“We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, 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 35,895,292,791.

Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”

Otedola, over time, has tactically been mopping up shares of the bank becoming a majority shareholder. Given his business antecedents, majority ownership of FBNH by an Otedola backed entity will probably usher in a transformation in the bank revving up investor sentiments in anticipation.

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