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HomeBusinessFirst Bank confirms Otedola 5.07% share acquisition

First Bank confirms Otedola 5.07% share acquisition

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By Oludare Mayowa

FBN Holding, parent company of Nigeria’s oldest lender, First Bank Limited has finally confirmed that businessman, Femi Otedola has indeed acquired 5.07 percent stake in the company.

With the confirmation, the billionaire businessman, has become the lender’s single largest shareholder following the crisis that rocked the Board of Directors recently.

In a communication to the Nigerian Exchange Limited (NGX) on Saturday, FBN Holding Plc said it has received letter confirming the holding of Otedola in the company through his stock broking firm.

RELATED STORY: First Bank awaits communication from Otedola on alleged acquisition of 10% stake

The letter signed by FBNH company secretary, Seye Kosoko, 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, 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 Otedola Olufemi Peter and his nominee in the Company is now 5.07 per cent,” the regulatory filing by the FBNH stated.

The lender had on Friday denied knowledge of the acquisition in a regulatory filing with the Exchange and promised to inform the investing public on subsequent development.

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