Otedola Pumps N18.9bn into FBNH, Increases Stake.
- Olufemi Otedola, chairman of FBN Holdings, has significantly increased his stake in the company by acquiring an additional 546,674,034 shares through Calvados Global Services Limited, a company associated with him. This transaction, completed on June 20 at a price of N21.97 per share, amounted to a total investment of N12.01 billion.
Otedola’s involvement with FBN Holdings deepened after he was appointed chairman of the board in January, following his earlier acquisition of a substantial stake in December 2021, which made him the largest single shareholder with a 7.57 percent stake at the time.
With this latest acquisition, Otedola’s direct and indirect holdings in FBN Holdings now amount to 3,380,462,950 shares, reflecting an increase from 2,517,282,140 shares previously. This recent purchase of 546,674,034 shares adds to the 316,506,776 shares he had acquired earlier at N21.91 per share, totaling N6.935 billion.
As a result of these transactions, Otedola now commands a 9.41 percent shareholding in FBN Holdings, solidifying his position as the largest shareholder, surpassing Barbican Capital Limited, owned by Oba Otudeko, which holds 3,110,400,619 direct shares.
Otedola’s strategic increase in shares underscores his commitment and confidence in FBN Holdings, positioning himself prominently within the company’s ownership structure. His substantial investments totaling N18.9 billion highlight his ongoing support and involvement in shaping the future trajectory of the organization
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