Femi Otedola, the chairman and majority shareholder of First Bank of Nigeria (FBN) Holdings, has acquired an additional 534,094,407 shares worth N16.02 billion in the financial institution.
FBN Holdings disclosed this in a statement published on NGX on Thursday, September 26, 2024.
The bank noted that the transaction was executed between September 23 and 25, 2024, at N30k per share.
As a result of this transaction, Otedola now holds a total of 4.7 billion (4,721,697,111) shares, increasing his stake in the company to 13.15% from 11.67%.
As of the close of business on Thursday, September 26, the value of 4.7 billion shares is approximately N139.29 billion, based on the closing share price of N29.5.
The latest investment from Otedola has widened the gap between him and Barbican Capital Limited, the second-largest stakeholder in FBN Holdings, which possesses an 8.67% stake in 3.1 billion (3,110,400,619) shares.
However, the exact holdings of Barbican Capital have come under scrutiny.
In a lawsuit filed against FBN Holdings (no. FHC/L/CS/1172/24), Barbican Capital, owned by Oba Otudeko, alleges that it acquired approximately 5,386,397,202 shares, equivalent to 15.1% of FBN Holdings, over various periods.
Barbican Capital contends that its acquisitions and the corresponding issuance dates are well-documented by Meristem Registrar and Probate Service Ltd, the appointed registrars of the financial institution, and acknowledged by the Central Securities Clearing System (CSCS), which oversees the bank’s share value and transactions.
In response, FBN Holdings asserted that Barbican Capital only disclosed on July 7, 2023, that it had acquired about 4,770,269,843 shares.
However, FBN Holdings stated that the Central Bank of Nigeria (CBN) was only able to validate 3,110,400,619 units of shares, citing insufficient documentation from Barbican Capital.
The FBNH alleged that Barbican Capital did not provide the necessary documents requested by the CBN during the verification process.
According to Forbes billionaire list, Otedola is currently worth $1.5 billion.
TimesNow.com.ng earlier reported that FBN Holdings Plc released its unaudited financial statement for 2023, showing an impressive performance.
The company reported N362 billion profit against N136 billion the previous year, representing a 129% rise year-on-year.
The company’s results show that interest income rose to N917 billion in 2023. This shows a 66% rise from the N552 billion the previous year.
Source: TimesNow.com.ng
