FBN Holdings denies reports of Significant Share Acquisition by Otedola

FBH Holdings Plc, the parent holding company of First Bank of Nigeria, says it is yet to receive any notice of a significant share acquisition in the company by any shareholder. There have been reports that billionaire businessman, Femi Otedola, bought significant shares in the company. THE BEARING: Does it take a village to raise […]

FBH Holdings Plc, the parent holding company of First Bank of Nigeria, says it is yet to receive any notice of a significant share acquisition in the company by any shareholder.

There have been reports that billionaire businessman, Femi Otedola, bought significant shares in the company.

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The reports said he had acquired over two billion ordinary shares of the company.

But in a statement on Saturday, Seye Kosoko, company secretary, FBN Holdings, dismissed the reports.

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

“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 statement read.

FBN shares have witnessed large volumes of trading on the NGX Exchange this month.

On October 7, for instance, a total of 573million units of the shares were traded, mainly due to an off-market trade of 473million units of the stock, or 1.33% of the total outstanding shares of 35.9billion units, at N16.00 per share, an unusual trade done at 65% premium to the market, as market sources noted.

Trading activity on the stock represented some 60% of total trade done on the NGX for that day.