FBN Holdings makes u-turn, confirms Otedola’s purchase of 5.07% stake

OBINNA EZUGWU

FBN Holdings Plc, the holding company for First Bank of Nigeria Limited, has confirmed that billionaire investor and philanthropist, Femi Otedola acquired 5.07% of its shares.

The confirmation comes after the company has denied knowledge of acquisition of majority of its shares by Otedola following media reports to the effect.

The company has in a statement signed by its Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

“The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc,” the statement had said.

“As a listed company, the shares of FBN Holdings 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.”

However, the acquisition has been confirmed in a letter published by FBNH on the website of the Nigerian Exchange on Saturday.

The bank confirmed in the letter that 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.

The total shareholding has now taken Mr. Otedola’s ownership to 5.07% more than any other single shareholder on record.

“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,” the letter read.

“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.

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”

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