FBN Holdings Plc on Saturday has confirmed that billionaire businessman, Mr Femi Otedola has acquired 5.07 per cent equity stake in the company.

This is coming barely 24 hours after the company denied having knowledge that the billionaire had acquired some parts of its shares.

This means that Otedola has the largest share in the company.

Mr Seye Kosoko, FBNH Company Secretary, made this known in another statement on Saturday posted on the Nigerian Exchange (NGX) Ltd website.

READ ALSO: Otedola’s share acquisition unknown to us – FBN

“We refer to our communication to the market dated October 22, 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, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Ltd, that their client, Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Ltd 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 Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent,” said the statement.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., who gave clarity on the matter told the News Agency of Nigeria (NAN) in Lagos that Otedola is now the largest single shareholder in the company.

He noted that 95 per cent of FBNH shares are still in the hands of other shareholders, comprising Pension Fund Administrators and other individuals.

According to Kurfi, Otedola started buying into the company in July when the need arose.

However, a reliable source told NAN that it was Oba Otudeko that sold all his stakes due to issues he had with the Central Bank of Nigeria.

“If he put up his shares for sale, anyone that has money is free to buy such shares.

“Otedola is not the only one that bought, someone else bought too.

“Once a company has left 20 per cent of their stake to the public they are within the regulations.

“The only requirement is that those that bought need to notify the Securities and Exchange Commission, once they do that, there is no infraction,” said the source.

NAN

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