Eko Hot Blog reports the First Bank of Nigeria (FBN) Holdings has appointed Femi Otedola, a billionaire businessman and investor, as the new chairman of its board of directors.
The financial institution made the disclosure in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development.
Rumours first emerged in October 2021 that Otedola had acquired First Bank.
It was reported that he had ‘acquired’ the lender by pumping about N30 billion into the shares of the company at the stock market, making him the single largest shareholder.
However, the bank said it was not aware of the businessman emerging as its new shareholder, though it pointed out this could have happened as its shares are always available for purchase at the market by anybody.
Barely 24 hours later, First Bank confirmed that Otedola had emerged as a major shareholder of First Bank Holdings, owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake.
The bank, in a communication to the Nigerian Exchange Limited, said it received notification from APT Securities and Funds Limited that its client, “that Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791.”
“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, company secretary, said at the time.
More to follow…
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