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Otedola declears 5.07% ownership of FBNH

Femi Otedola, a billionaire investor, has revealed 5.07 percent ownership of FBNH, Nigeria's oldest bank. This was confirmed by FBNH in a letter posted on the organization's website.

Mr. Otedola obtained almost 5% of the bank, according to Nairametrics, after purchasing shares over a long period of time.

The bank stated Mr. Otedola Olufemi Peter and his nominee, Calvados Global Service Limited, had acquired a total of 1,818,551,625 units of shares from the Company's issued share capital of 35,895,292,791 in a letter reviewed by Nairametrics dated October 23rd 2021.

Over decades, Otedola has been strategically buying up shares in the bank, eventually becoming the dominant shareholder. Given his track record, an Otedola-backed corporation acquiring a majority stake in FBNH will almost certainly bring in a transformation, raising investors expectations.

Off-market block purchase ranging in the hundreds of millions of units were also reported by traders with knowledge of the deal, however it was not immediately clear who was behind the transactions, according to Nairametric sources. As the rumors spread in October, FBNH's stock price soared to N12 per share, a gain of 69 percent in just two weeks.

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

Calvados Global Service Limited FBNH Femi Otedola Otedola Otedola Olufemi Peter

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