Femi Otedola Acquires Significant Stake In FBN Holdings

LAGOS, NIGERIA – Otunba Femi Otedola has further strengthened his position in FBN Holdings by purchasing an additional 546.7 million units of shares, valued at N12.01 billion.

According to reports from the Nigerian Exchange Limited (NGX) on Thursday, June 20, 2024, Otedola acquired these shares through Calvados Global Services Limited, paying N21.97 per share at the Exchange.

This move underscores Otedola’s ongoing commitment to consolidating his investment portfolio, particularly within the financial sector.

The acquisition is expected to have significant implications within the financial market, reflecting investor confidence and strategic positioning.

This development marks a notable expansion of Otedola’s influence in the Nigerian financial landscape.

Otedola before now had a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which holds an 8.67% stake.

Otedola has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil was later sold and renamed Ardova.

Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.

He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.