Chairman of FBN Holdings, Femi Otedola, has again increased his stake in the company, with the acquisition of additional 797,946,415 shares of the company N17.2 billion, at an average price of N21.58, taking his combined stake to 11.64%.
The latest acquisition cements his position as the single largest shareholder of the company as he is the only shareholder of the bank with a total shareholding in excess of 10 per cent.
He confirmed the latest acquisition in a notice to the NGX.
About a week ago, the Forbes-listed billionaire acquired N18.9 billion worth of shares, which increased his shareholding to 9.41 per cent. He now has 4.178 billion shares of the company’s total outstanding shares of 35.895 billion and has invested an estimated N102 billion since he began acquiring FBN Holdings shares three years ago.
In October 2021, Otedola announced that he had acquired 5.07 per cent shareholding and by December of that year, he increased it to 7.57 per cent.
However, by 2022, Otedola divested about 30 per cent of his shareholding, bringing it down to 5.24 per cent but by 2023, he started acquiring shares in the bank again.
