Thursday, September 29, 2022

Otedola becomes largest single shareholder of FBN Holdings with 5.07% equity stake

Garba Kurfi, Managing Director, APT Securities and Funds Ltd., says Mr Otedola is now the largest single shareholder in the company.

• October 23, 2021
Femi Otedola
Femi Otedola

Barely 24 hours after denying notification of possible acquisition of shares by Femi Otedola, FBN Holdings (FBNH) Plc on Saturday confirmed the businessman has acquired 5.07 per cent equity stake in the company.

FBNH Company Secretary, Seye Kosoko, in another statement on Saturday posted on the Nigerian Exchange (NGX) Ltd. website affirmed that Mr Otedola and his nominee now own 5.07 per cent equity stake in the company.

“We refer to our communication to the market dated October 22, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

“This morning, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Ltd, that their client, Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Ltd have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent,” said the statement.

According to Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., Mr Otedola is now the largest single shareholder in the company.

Mr Kurfi who dispelled the rumours that Mr Otedola had acquired FBN Holdings said that he was only the largest single shareholder, adding that the businessman started buying into the company sometime in July. 

He said 95 per cent of FBNH shares were still in the hands of other shareholders, comprising Pension Fund Administrators and other individuals.

The News Agency of Nigeria (NAN) reports that a reliable source told the outlet that Oba Otudeko was the person who sold all his stakes for Mr Otedola to buy, owing to issues he had with Nigeria’s Central Bank. 


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