By acquiring an additional N546, 674, 034 shares of FBN Holdings, valued at N12.01 billion, Mr. Femi Otedola has increased his ownership stake in the company.
The Nigerian Exchange Limited, or NGX, released information on Thursday showing that Otedola paid N21.97 per share at the Exchange for the shares via Calvados Global Services Limited.
Prior to now, Otedola held a 7.01% stake in the bank, trailing Barbican Capital Limited, owned by Oba Otudeko, with an 8.67% stake.
Otedola has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil was later sold and renamed Ardova.
Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
He has served on a number of boards, most notably as Chairman of the Transcorp Hilton Hotel in Abuja and President of the Nigerian Chamber of Shipping.
