Femi Otedola Acquires Additional Shares in FBN Holdings

Femi Otedola, the billionaire businessman and chairman of FBN Holdings Plc, has further solidified his majority stake in the company with a recent acquisition of 797,946,415 shares from the Nigerian Exchange Limited (NGX).

The transaction, conducted at N21.58 per share and valued at N17.219 billion, was disclosed in a corporate filing on Monday.

This latest purchase increases Otedola’s shareholding to 11.63%, making him the largest shareholder in FBN Holdings. The acquisition follows a recent transaction where Otedola purchased 546,674,034 units of shares valued at N12.01 billion, further emphasizing his commitment to strengthening his position within the company.

Prior to these acquisitions, Otedola held a 7.01% stake, placing him behind Oba Otudeko’s Barbican Capital Limited, which holds an 8.67% stake.

Otedola’s extensive business portfolio includes investments in port agency, shipping, storage, and insurance brokerage. He acquired a controlling interest in African Petroleum in 2007, which was later rebranded as Forte Oil and subsequently sold and renamed Ardova. He also took Geregu Power public in October 2022, which now accounts for about 9% of Nigeria’s grid electricity.

Otedola has held several significant board positions, including President of the Nigerian Chamber of Shipping and past Chairman of Transcorp Hilton Hotel, Abuja. His strategic acquisitions and leadership roles underscore his influence and commitment to expanding his business interests within Nigeria’s financial and energy sectors.