Billionaire businessman, Femi Otedola is no longer the highest shareholder in FBN Holdings.
With this, Otedola, the chairman of Geregu Power, yielded the top spot to Barbican Capital Limited.
Barbican Capital Limited is an affiliate of Oba Otudeko’s Honeywell Flour Mill.
Politics Nigeria reports that Barbican Capital accumulated shares of about 4.8 billion units in the parent company of First Bank.
This consequently translated to a 13.3 per cent holding in the corporation.
This is more than twice the portion held by Mr Otedola.
Recall that Otedola, in late 2021, had acquired a 7.6 per cent interest in the financial services group via off-market deals.
He displaced FirstBank’s Chair Tunde-Hassan Odukale, to take the lead position.
However, he now holds a 5.6 per cent stake and 834 million shares last June after the stock valuation soared.
Mr Otudeko controls Honeywell Flour Mill, which owns a 75 per cent stake through Siloam Global Services Limited.
