Otedola acquires additional N183m shares in FBN Holdings

FBN Holdings’ shares worth N183 million have been purchased by the billionaire entrepreneur, Femi Otedola.

A recent purchase was made public in a filing with the Nigerian Exchange Group (NGX) on Wednesday. This news follows a transaction just two days prior, in which 797,946,415 shares were acquired for N17.2 billion at a price of N21.58k per share.

Additionally, the filing revealed that Otedola bought 1,228,141 shares for N24.9 million at N20.30k each on June 25th.

In a parallel manner, Otedola purchased 7,965,198 shares of FBN Holdings for N19.90k each, totaling N158.5 million.

This transaction was conducted via his firm Calvados Global Services Limited, resulting in a cumulative investment of N183.4 million on June 25th. It marks Otedola’s third acquisition of FBN Holdings shares this month.

Otedola, the chairman of FBN Holdings, made significant share purchases totaling N36.2 billion within a week. Initially holding 4,178,409,365 shares valued at N18.9 billion on June 20, his total shares increased to 4,187,602,704 after acquiring an additional 797,946,415 shares worth N17.2 billion just four days later.

In just half a year of becoming the chairman of the holding company’s board, Otedola has surpassed Barbican Capital Limited, owned by Oba Otudeko, in share acquisition to become the company’s biggest shareholder.

This achievement follows his appointment two years after he first became the firm’s largest shareholder in December 2021 by boosting his stake to 7.57 percent.