Femi Otedola Boosts Majority Stake in FBN Holdings with N17.2 Billion Share Purchase

Billionaire businessman and Chairman of FBN Holdings Plc, Femi Otedola, has strengthened his majority stake in the company by acquiring an additional 797,946,415 units of First Bank Nigeria shares from the Nigerian Exchange Limited (NGX) on Monday.

According to a corporate filing on the NGX, the shares were purchased at N21.58 per share, amounting to N17.219 billion. This acquisition represents a 2.22 percent increase in his shareholding, bringing Otedola’s total stake in the company to 11.63 percent, the highest among all shareholders.

Just last week, Otedola increased his stake in FBN Holdings by purchasing 546,674,034 units of shares valued at N12.01 billion through Calvados Global Services Limited, at N21.97 per share. Prior to these recent acquisitions, Otedola held a 7.01 percent stake, trailing behind Oba Otudeko’s Barbican Capital Limited, which has an 8.67 percent stake.

Otedola’s extensive business ventures span port agency, shipping, storage, and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later became Forte Oil and was subsequently sold and renamed Ardova. His Geregu Power, taken public in October 2022, contributes about nine percent of Nigeria’s grid electricity.

In addition to his business achievements, Otedola has served on various boards, including as President of the Nigerian Chamber of Shipping and past Chairman of Transcorp Hilton Hotel, Abuja.