By Chukwuma Umeorah
Nigerian billionaire, Femi Otedola, has significantly increased his stake in FBN Holdings Plc by additional N183 million, marking his third acquisition within a week.
According to a insider dealings filed on the Nigerian Exchange Limited (NGX), Otedola purchased an additional 1,228,141 shares of FBN Holdings at N20.30 per share, and 7,965,198 shares at N19.90 per share through Calvados Global Services Limited, a company associated with him.
This recent investment raises Otedola’s total shareholding in FBN Holdings solidifying his position as the largest single shareholder in the company.
According to a corporate notice last Thursday, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.
He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.
Also, earlier transactions on Monday saw Otedola acquire 797,946,415 shares at an average price of N21.58, totaling N17.2 billion, and 546,674,034 shares at N21.97 per share, amounting to N12.01 billion.
Otedola’s increased involvement in FBN Holdings follows his appointment as Chairman of the board of directors in January. His initial significant stake acquisition in December 2021 brought his ownership to 7.57 per cent. Since then, he has progressively increased his equity, reflecting his confidence and strategic interest in the company.