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First Bank Acknowledges Otedola as the bank's majority shareholder

Billionare and oil magnate Femi Otedola, now owns 5.07 per cent of First Bank Holdings.

Mr. Otedola emerged as the major shareholder of the company following his acquisition of more than 5 percent equity state according to a statement a senior official of the bank issued on Saturday.

The company had earlier denied knowledge of a 'supposed takeover'' saying it was yet to receive a notification from Mr. Otedola. However, in a communication obtained by Nigerian Exchange Limited on Saturday, the company said it was notified by APT Securities and Funds Limited that "...that Mr. Otedola Olufemi .P. and his nominee, Calvados Global Services Limited have purchased a sum of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791.”

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, First Bank Holdings company secretary, said.

Following the communication, Mr. Otedola becomes First bank's single largest shareholder on record.

First bank had stated in its 2020 annual financial year report and accounts that “...According to Register of Members as of December 30, 2020, there is no shareholder with 5% of the shares of FBN Holdings Plc.”

This, however, is the first time since the December 2020 report that the bank is informing the Nigerian Exchange of a huge acquisition of its shares so much that an individual owns more than 5% of the company.

The Sun

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APT Securities and Funds Femi Otedola First Bank Acknowledges Otedola First Bank Holdings Otedola


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