Femi Otedola increases stake in First Bank to 11.63 per cent

Nigerian billionaire Femi Otedola, Chairman of FBN Holdings, has expanded his stake in First Bank by acquiring an additional 2.22 per cent of the bank’s shares.

This development was disclosed in a corporate filing on the Nigerian Exchange Group on Monday.

With this recent purchase, Otedola’s total shareholding in First Bank has risen to 11.63 per cent, further cementing his status as the largest shareholder. This acquisition comes just four days after he regained his position as the majority shareholder of First Bank by purchasing shares worth N18.9 billion on the Nigerian Exchange.

Otedola, through his holding company, Calvados Global Services Limited, acquired 316,506,776 shares at N21.91 each, amounting to N6.935 billion, and 546,674,034 shares at N21.97 each, amounting to N12.01 billion.

Further details on Femi Otedola’s increases in First Bank stake are expected to be released soon.