Business
Otedola acquires additional stake in First Bank Holdings, emerges largest shareholder
Adebayo Obajemu
Sources close to First Bank have revealed that billionaire businessman, Mr Femi Otedola has recently acquired at least 2.5 per cent additional interest in First Bank Holdings, upping his total stake to 7.53 per cent.
The business magnate who is the chair of Geregu Power Plc is said to have acquired a further interest in FBN Holdings Plc, the parent company of Nigeria’s oldest lender First Bank, with this development, he has upped the stake of. the heated battle for the soul of the financial services group among its principal shareholders. The last may not have been heard of the struggle for the soul of Nigeria’s oldest bank.
A disclosure of the latest development to the Nigerian Exchange (NGX) is expected on Friday, according to sources in the know of the development.
The purchase will formally consolidate his position as the single biggest shareholder of FBN Holdings, placing him well ahead of his closest rival Tunde Hassan-Odukale, FirstBank’s chairman.