Businessman Femi Otedola has further proved his resolve to take over First Bank Nigeria, FBN, from competitors following his acquisition, on Monday, of additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited, NGX.
The development, analysts in the sector contend, has now made him the largest shareholder of Nigeria’s premier bank, ahead of close rivals of the bank such as Oba Otudeko, Tunde Hassan-Odukale, and others.
Otedola, the Chairman of Geregu Energy Group, had in 2021 stated that he had no plan to take over, neither take a board position in the bank, following the fierce contest between him and Otudeko, for the soul of the commercial bank at the time.
He said:“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made.
“My interest, contrary to speculations is not to become chairman of the bank or its holdco. Moreover, I am in semi-retirement.”
“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders.”
Both businessmen have been increasing the number of shares they hold in the bank directly and through proxies, with a view to sustain their grip on the bank. .
From all indications, Otudeko, a former chairman of the bank appears to have lost out in the contest to control one of Nigeria’s biggest and profitable bank, due Otedola’s recent acquisition which has raised his total share in First Bank Nigeria Holding, FBNH, to close to 12 percent.
According to a corporate disclosure to the NGX, on Monday, Otedola now holds 11.63 percent stake in the commercial bank, after acquiring shares valued at N17.219 billion at N21. 58 per share.
Recall that last week, Otedola, increased his stake in FBN Holdings, with the purchase of 546, 674, 034 units of shares valued at N12.01billion. Otedola bought the shares through Calvados Global Services Limited at a price of N21.97 per share at the Exchange.
Before then, the billionaire had 7.01 percent stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which held an 8.67 percent stake.
The magazine reported that on January 31, the board of the bank appointed Otedola as Chairman of FBNH after a meeting by its members.
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