Sign in
Download Opera News App





Stock investment

First Bank Refutes Reports Of Otedola Takeover

FBN Holdings Plc denied reports made by online media on Friday that Femi Otedola, a Nigerian billionaire businessman, had purchased a majority share in the bank.

The bank has yet to get any communication from the individual mentioned on such acquisition, according to a statement signed by the company secretary, Seye Kosoko, received from Nigerian Exchange Limited (NGX).

FBN Holdings insisted that it operated in a controlled environment that requires owners to notify the firm of significant shareholdings held in various vehicles. It went on to say that whenever the bank receives notice of a major shareholding by a shareholder or the business registrars, it will notify the proper institutions and authorities.

FBN Holdings Plc has been alerted to media allegations claiming that a specific individual has acquired a significant shareholding interest in FBN Holdings Plc, effectively making him the company's majority shareholder. FBN Holding Plc's shares are publicly traded as a listed corporation, and sales and acquisitions of shares are expected in the normal course of business.

According to online reports, Femi Otedola, a billionaire businessman, is reentering the stock market on a large scale, a few years after offloading his 75% stake in Forte Oil, which eventually became Ardova Plc under new ownership.

According to the story, the business mogul has allegedly purchased a majority interest in FBN Holdings, which has also recently experienced a board crisis, in order to assume control of the company. According to reports, Otedola has become the sole majority stakeholder of Nigeria's first generation lender after purchasing N30 billion worth of the bank's equity on the Nigerian Stock Exchange (NGX).

Content created and supplied by: IQbooster (via Opera News )

FBN Holdings Plc First Bank Nigerian Exchange Limited Otedola Seye Kosoko


Load app to read more comments