Otedola acquires 5.03% stakes in First Bank, declares ownership 

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Factual Pursuit of Truth for Progress

By Francis Ogwo

Nigerian billionaire investor, Femi Otedola, has declared 5.03% ownership for First Bank of Nigeria Holdings (PBNH), the country’s oldest bank.

This was contained in a letter published by FBNH on the websites of the Nigerian Exchange.

Recall that Otedola acquired over 5% of the bank after acquiring shares of the bank over a protracted period.

The bank in the letter dated October 23, 2021 confirmed that Mr. 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.

The total shareholding has now taken Mr. Otedola’s ownership to 5.07%, more than any other single shareholder on record.

See the press release below:

“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, Mr. 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 Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”

Reports say Otedola, over time, has been gradually mopping up shares of the bank, to today, emerging a majority shareholder.

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