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"We are unaware of Femi Otedola’s share acquisitions" – FBN Holdings

The holding company for First Bank of Nigeria Limited has reportedly reacted to media reports that, Mr. Femi Otedola, has acquired a significant shareholding in the company, stating that the company is yet to receive any notification of such acquisitions from the billionaire businessman.

According to them, FBN operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

This was disclosed in a statement signed by the Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, 22nd October, 2021.

Part of the statement read: The attention of FBN Holdings Plc has been drawn to media reports today (Friday, 22nd October) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc. As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate. The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.


Recall that, the Nigerian billionaire businessman, Femi Otedola was reported to had acquired First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider largest share after he bought about 30 billion naira worth of shares from the financial institution, making him the single largest shareholder of the bank.

Reports gathered that, Otedola being the largest shareholder means "he holds the highest voting shares and can dictate the direction of the bank through his voting power."


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FBN FBN Holdings Femi Otedola First Bank of Nigeria Limited Nigerian Exchange Limited

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