Wednesday, December 7

Tag: Femi Otedola

Otedola acquires major stake in First bank.
Business

Otedola acquires major stake in First bank.

Business magnate and investor, Mr. Femi Otedola, has acquired a material shareholding in Nigeria’s oldest banking group, FBN Holdings (FBNH) Plc. Otedola in a series of secondary market transactions and negotiated deals was confirmed to have acquired more than five per cent equity stake in FBN Holdings, the parent holding company for First Bank of Nigeria (FBN) and its former subsidiaries Nigerian capital market rules set a threshold of five per cent for “material” or significant shareholding, which must be disclosed to the regulatory authorities and the board of the affected company. Sources in the know and dealers at the stock market confirmed that Otedola might have acquired more than two billion ordinary shares of 50 kobo each in FBNH in a series of secondary transact...