Nigerian Billionaire and Chairman of FBN Holdings, Femi Otedola, has further strengthened his position as the largest shareholder of the financial services company.
POLITICS NIGERIA reports that Otedola has acquired an additional 797,946,415 shares of the company, valued at N17.2 billion.
This latest acquisition, revealed in a notice filed with the Nigerian Exchange Group (NGX), brings Otedola’s total stake in FBN Holdings to 11.64%, making him the only shareholder with a holding exceeding 10%.
This move comes on the heels of his recent purchase of N18.9 billion worth of shares, which had increased his shareholding to 9.41%. The combined value of his acquisitions in the past week amounts to a staggering N36.1 billion.
Otedola’s investment in FBN Holdings now totals N102 billion over the past three years. His holding of 4.178 billion shares represents a substantial portion of the company’s total outstanding shares of 35.895 billion.
The businessman is one of only four Nigerian billionaires recognized by Forbes.
