Femi Otedola, Nigerian billionaire, business tycoon and chairman of Geregu Power Plc has acquired an additional stake in FBN Holdings Plc, the parent company of First Bank, Nigeria’s oldest bank.
It has been confirmed that Mr Femi Otedola had acquired at least an additional 2.5% stake in the company, bringing his total stake to 7.57%. This new acquisition has put him in the position of the single biggest shareholder of FBN Holding, ranking him above his closest rival the chairman of FirstBank, Tunde Hassan-Odukale with whom he has come into conflict since the announcement of his share acquisitions came to light in late October.
Mr Femi Otedola’s previous acquisition prompted Mr Hassan Odukale to quickly claim 5.36% of the stake in what he called a “cumulative equity stake” derived from a combination of his direct, indirect and related party holdings in the group.
Mr Femi Otedola also has a stake of 1.05% in Leadway Pensure PFA, a company owned by Hassan-Odukale, this was met with disapproval from NGX and the National Pension Commission.
Oddly enough, shares of FBN Holdings were up 1.75% on Thursday, although they reported a 40% drop in nine-month profits two days earlier.
