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Femi Otedola offloads 834m shares of FBN Holdings

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'I offered to buy Transcorp for N250bn but was turned down,' Otedola breaks silence

Billionaire investor, Femi Otedola, has sold about 834 million shares of FBN Holdings in a deal valued at about N9.28 billion only.

FBN Holdings announced the sale in a notice filed on the website of the Nigerian Exchange,

Otedola is largest single shareholder Femi Otedola

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The transactions were reported by FBN Holdings as part of its Insider Dealing notification to the exchange, a mandatory filing required to be disclosed whenever a significant shareholder is selling shares.

According to the series of filings, Mr. Otedola and his entities sold about 834,939,764.00 units representing about 30% of his shareholdings in the bank holding company. The sale also reduces his shareholding from about 7.57% to about 5.24%, thus 2.3% of the bank shares have been sold in a matter of 3 days.

The sale comes after a protracted board room tussle over who owns the largest shares of the company.

The confusion culminated in several press releases by the bank forcing the Nigerian Exchange to wade in and clarify the issues. The latest audited accounts of the banks placed the billionaire at 7.57% of the ownership of the bank.

It is also unclear who is buying the shares from him (Otedola), however, transactions like this are often acquired by institutional investors or similar billionaires like Mr. Otedola with deep pockets

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