Otedola increases stake in First Bank with N17.2bn share

Popular Nigerian billionaire and Chairman of First Bank, Mr. Femi Otedola has increased his shares in the bank with an additional 2.22 per cent stake. This announcement was made in a corporate filing to the Nigerian Exchange Group (NGX) tagged, “Notification of Share Dealing by Insiders.” Daily Trust reports that the new purchase increased Otedola’s […]

Popular Nigerian billionaire and Chairman of First Bank, Mr. Femi Otedola has increased his shares in the bank with an additional 2.22 per cent stake.

This announcement was made in a corporate filing to the Nigerian Exchange Group (NGX) tagged, “Notification of Share Dealing by Insiders.”

Daily Trust reports that the new purchase increased Otedola’s shareholding to 11.63 per cent, making him the single largest shareholder of First Bank.

According to the corporate filing, Otedola acquired 797,946,415 shares at N21.58k per share amounting to N17.2bn.

He had last week acquired N18.9 billion worth of shares, which increased his shareholding to 9.41%. The latest acquisition brings the total to N36.1 billion in a matter of days.

The billionaire businessman now holds a combined 4.178 billion shares of the company’s total outstanding shares of 35.895 billion.

Otedola was in October last year listed as the largest shareholder despite the purchase of 4.7 billion units of FBNH shares by Otudeko, in July of the same year.