Business Top Stories

FBNH confirms Otedola’s 5% acquisition worth N22.28bn

•Adenuga still largest shareholder with 17% stake
•Odukale family owns 12% holdings

Businessman, Mr. Femi Otedola and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares worth N22.28 billion from the FBN Holdings’ issued share capital of 35,895,292,791. This was confirmed by FBNH’s Company Secretary, Mr Seyi Kosoko, in a statement posted on the NGX website.

Based on the foregoing, the equity stake of Otedola and his nominee in the Company is now 5.07 per cent. Mr. Mike Adenuga is still the highest shareholder with 17 per cent stake, while Oye Hassan-Odukale and family have 12 per cent holding. FBNH in a statement said: “We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited, have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791”. FBN Holdings (FBNH) Plc had earlier in its previous statement said it was yet to receive any notification from Femi Otedola on the reported new share ownership acquisitions.

The statement added that the company always notifies the appropriate agencies and authorities whenever it received any notice of significant shareholding by the shareholders and its registrars. Specifically, it noted: “The attention of FBN Holdings Plc has been drawn to media reports today, 22 October 2021 purporting that a certain individual has acquired significant shareholding interest in FBN Holdings Plc therefore making him the majority shareholder in the Company.

“As a listed Company, the shares of FBN Holdings Plc are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by Shareholders to the Company, where shares are held in different vehicles, further to which the Company will notify the regulators and the public as appropriate.

“The Company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions. FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the Shareholders and the Company’s Registrars”.

It was reported that Otedola had taken over First Bank of Nigeria Plc. An exclusive report in The Street Journal, said Otedola took over First Bank with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

The social media had been awash with news of Otedola being the largest shareholder, meaning he holds the highest voting shares and can dictate the direction of the bank through his voting power.

It would be recalled that when that Otedola divested his direct and indirect shareholding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum in 2019, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector.

 

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