Femi Otedola buys 546.7 million units of shares in First Bank Holdings

By acquiring an extra N546, 674, 034 shares of FBN Holdings, valued at N12.01 billion, Mr. Femi Otedola has boosted his ownership position in the company.

Otedola purchased the shares at the Exchange for N21.97 per share through Calvados Global Services Limited, according to information released by the Nigerian Exchange Limited, or NGX, on Thursday.

Prior to this, Oba Otudeko’s Barbican Capital Limited held an 8.67% share in the bank, with Otedola holding a 7.01% stake.

Otedola has made interests in shipping, port agency, storage, and brokerage for insurance. He obtained a majority stake in African Petroleum in 2007, which subsequently changed its name to Forte Oil. After being sold, Ardova replaced the name Forte Oil.

Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.