Femi Otedola Expands Stake in FBN Holdings, Becomes Largest Shareholder

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Billionaire businessman Femi Otedola has increased his ownership in FBN Holdings with an additional acquisition of 2.22% shares, as revealed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday.

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Otedola’s new acquisition brings his total shareholding in the company to 11.63%, solidifying his position as the largest shareholder. The transaction involved purchasing 797,946,415 shares at 21.58k per share, amounting to N17.2 billion.

Just days prior, Otedola had boosted his stakes in FBN Holdings to 9.41%, investing N18.9 billion to acquire 863,180,810 shares. Including these latest purchases, his total shares (direct and indirect) in FBN Holdings now stand at 4,178,409,365, up from 2,517,282,140 shares previously held.

This latest move surpasses Barbican Capital Limited, owned by Oba Otudeko, which previously held the largest stake with 3,110,400,619 direct shares.

In January, Otedola was appointed as the chairman of FBN Holdings’ board of directors, marking a culmination of his significant investment in the company since becoming its largest shareholder in December 2021 with a 7.57% stake.

Sources indicate that Otedola has invested over N100 billion in FBN Holdings shares over the past three years, underscoring his commitment to the company’s growth and leadership in the financial sector.

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