Billionaire business man, Femi Otedola, has regained his position as the majority shareholder of First Bank.
He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group’s shares at the Nigeria Exchange NGX on Thursday.
First Bank, in a corporate notice filed on the website of the NGX, stated that Otedola, who is also the the Chairman of FBN Holdings, directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.
He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.
The Forbes-ranked billionaire previously held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which holds an 8.67% stake.
With the acquisition of an additional 863,180,810 shares, he has added 2.40% to his previous stake, thus increasing his total stake in the group to 9.41%.
