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Otedola Buys 546Million First Bank Shares For N12bn


Femi Otedola, has significantly increased his investment in FBN Holdings by acquiring 546.7 million units of shares valued at N12.01 billion.

According to the Nigerian Exchange Limited (NGX) report released on Thursday, Otedola executed the purchase through his company, Calvados Global Services Limited, at a price of N21.97 per share.

This move has augmented his existing stake in FBN Holdings, positioning him more prominently within the bank’s shareholder structure.

Prior to this acquisition, Otedola held a 7.01% stake in FBN Holdings, trailing behind Oba Otudeko’s Barbican Capital Limited, which owns an 8.67% stake in the company.

Otedola’s investment portfolio spans various sectors including port agency, shipping, storage, and insurance brokerage.

“Notably, Otedola has been actively involved in the energy sector through investments in Geregu Power, a major player in Nigeria’s electricity grid,” the analyst added.

“His business acumen and strategic investments have consistently positioned him as a key player in Nigeria’s corporate landscape.”

Over the years, Femi Otedola has held influential board positions, serving as President of the Nigerian Chamber of Shipping and as the former Chairman of Transcorp Hilton Hotel, Abuja.

His entrepreneurial journey includes acquiring a controlling interest in African Petroleum, which later rebranded to Forte Oil and subsequently sold, leading to the establishment of Ardova.

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