The Chairman of FBN Holdings, Femi Otedola, recently acquired a significant stake in the banking group. Otedola purchased 534,094,407 ordinary shares at N30.00 per share, amounting to a total transaction value of N16.02 billion in First Bank.
According to a notice filed on the Nigerian Exchange Limited (NGX) and reported by PulseNets, this acquisition occurred between September 23 and September 25. It has been officially registered as an initial notification in accordance with the Nigerian Exchange’s director dealing regulations.
With this latest transaction, PulseNets was told that Otedola has further solidified his position as one of the largest shareholders in First Bank, one of Nigeria’s oldest and most strategically important banking institutions.
Prior to his appointment as Chairman in January, Otedola had been serving as a Non-Executive Director of the bank since July 2023. His nomination received approval from the Central Bank of Nigeria (CBN) and was ratified by shareholders at the Annual General Meeting held on August 15, 2023.
PulseNets also learnt that First Bank of Nigeria Holdings posted a remarkable profit growth by the end of 2023, recording N309.89 billion, a 127% increase from the N136.17 billion reported during the same period in 2022.
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In July, PulseNets reported that the business mogul had made headlines after acquiring 4.63 percent of the bank’s shares in two trading sessions, propelling him to become the largest shareholder of the banking group.
