After months of speculation, billionaire buisness man, Femi Otedola, is now the single largest share holder after acquiring additional 2.5 percent in FBN Holdings Plc, this is according to TheCable.
FBN Holdings is the parent company of First Bank of Nigeria (FBN).
According to inside sources, the move now places Otedola’s stake far above the controversial partitioned shares of Tunde Hassan-Odukale, another shareholder.
Hassan-Odukale’s indirect shares were partitioned into two: 4.16 percent and 1.20 percent — in what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders.
The sources also confirmed the report about Otedola’s moves to acquire more shares and is poised to become the chairman of the bank as the single largest shareholder.
Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.
After regulatory approvals, Otedola will now nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.