OTEDOLA RAISES STAKE IN FBN HOLDINGS WITH N16BN INVESTMENT
The Chairman of FBN Holdings, Femi Otedola, has acquired 534,094,407 ordinary shares at N30.00 each, amounting to a total value of N16.02bn in First Bank.
In a notice filed on the Nigerian Exchange Limited about directors dealing on Thursday, this transaction took place between September 23 and September 25 and has been officially documented as an initial notification in compliance with director dealing regulations on the Nigerian Exchange Limited.
With his latest acquisition, he has strengthened his position as one of the largest shareholders of the banking group, one of the oldest in Nigeria and a strategically important bank.
Before he emerged as the chairman of the board in January, Otedola was appointed as a Non-Executive Director of the company in July 2023. His appointment was approved by the CBN and, subsequently, the shareholders at the Annual General Meeting held on August 15, 2023.
First Bank of Nigeria Holdings’ profit at the end of 2023 rose to N309.89bn, which is 127 per cent higher than N136.17bn at the end of the corresponding period in 2022.
In July, PUNCH reported that the Chairman of FBN Holdings, Femi Otedola, acquired 4.63 per cent of the banking group’s shares in two trading sessions to emerge as the majority shareholder of the group.
More Stories
REGINA DANIELS, MOTHER DONATE N2.5 MILLION TO CELESTIAL CHURCH OF CHRIST, ABUJA
The Celestial Church of Christ in Abuja has received financial donations from Nollywood star Regina Daniels and her mother Rita...
JUST IN: DRIVER ESCAPES DEATH AS 40FT CONTAINER FALLS ON CAR IN LAGOS
When a 40-foot-laden container collapsed onto a Toyota Camry, registered LSR 293 HJ, at Mile 2 on the way to...
POLYGAMY BEST MARRIAGE FOR AFRICA, MONOGAMY NOT WORKING – OKEY BAKASSI
The finest type of marriage for Africa, according to Nigerian comedian and actor Okechukwu Anthony Onyegbule, better known by his...
FOREIGN NEWS: SOUTH AFRICA ARRESTS 14 WHO RESURFACED FROM ILLEGAL MINE
After emerging from an illegal gold mine where hundreds of others are thought to be hiding, 14 suspects were caught,...
NiMet PREDICTS 3-DAY SUNSHINE, DUST HAZE
From Monday through Wednesday, there will be dust haze and sunshine throughout the country, according to the Nigerian Meteorological Agency...
WORLD NEWS: 17 DEAD AS BUS CRASH IN BRAZIL
According to regional authorities, a bus on a secluded mountain route in the northeastern state of Alagoas, Brazil, plunged into...