Categories: Business

FBN Speaks On Femi Otedola’s Acquisition

Femi Otedola

FBN has spoken about the acquisition of a majority stake in the company by Femi Otedola.

EKOHOTBLOG reports that FBN Holdings Plc, the holding company for First Bank of Nigeria Limited, has said that it is not aware of the widely-reported share acquisition of the company by Femi Otedola.

This online news platform recalls that reports emerged on Friday that an entity owned by Otedola was behind a massive mop-up of the shares of FBN Holding, one of Nigeria’s tier one banks.

The reports claimed that Otedola is now the majority shareholder of the bank “with an announcement imminent in the coming days”.

However, the FBN Holdings while reacting via a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisition.

The statement read, “The attention of FBN Holdings Plc has been drawn to media reports yesterday (Friday) that a certain individual has acquired a significant shareholding interest in FBN Holdings Plc.

READ ALSO: Femi Otedola Acquires First Bank

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions,” the company stated.

EKOHOTBLOG reports that Otedola is a former chairman of Forte Oil Plc, an importer of fuel products.

He is the also founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation.

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