Politics
Billionaire Otedola Boosts Ownership In FBN Holdings With 4.63% Stake Increase
Billionaire Otedola Boosts Ownership In FBN Holdings With 4.63% Stake Increase....KINDLY READ THE FULL STORY HERE▶
Femi Otedola, Chairman of FBN Holdings, has significantly increased his ownership stake in the banking group. In recent trading sessions, Otedola acquired a total of 4.63% of FBN Holdings’ shares. This acquisition, valued at N36.17 billion, includes purchases directly and through his related company, Calvados Global Services Limited. With these transactions, Otedola now holds the largest stake in FBN Holdings, marking a pivotal development for the historic Nigerian bank……….. CONTINUE READING
Earlier, Otedola had purchased 863,180,810 units of shares for N18.95 billion, followed by an additional 797,946,415 units at N21.58 per unit. These moves consolidate his position as the leading shareholder, surpassing previous major holders like Barbican Capital Limited. Otedola’s strategic acquisitions come amidst FBN Holdings’ robust financial performance, with significant increases in gross earnings and profit before tax reported in Q1 2024. The banking group also plans to raise N300 billion in fresh capital to bolster its regulatory compliance and future growth prospects.
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