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Business

Billionaire Investor Femi Otedola Takes Over First Bank With 5% Shares

Billionaire Investor Femi Otedola Takes Over First Bank With 5% Shares

  • Billionaire investor Femi Otedola has become the biggest shareholder in one of Nigeria’s largest banks FBN Holding
  • The former oil tycoon has reportedly been purchasing shares of the bank for months, gradually overtaking other investors
  • According to Nairametrics, the billionaire now owns more than 5% of the banks’ shares which were bought in the last 6 months

An entity owned by billionaire investor Femi Otedola is now the largest shareholder of Nigeria’s First Bank.

According to multiple sources, the ownership of the bank is about to be obtained after months of purchase of the company’s shares.

The bank will be expected to make an announcement in the coming days to confirm the takeover.

Otedola who is famous for taking over the petroleum industry earlier in the century has reportedly been slowly purchasing available shares of the bank.

His current stake in First bank surpasses that of any other current shareholder, which means that the billionaire has controlling hands in the company’s affairs.

Femi Otedola

Femi Otedola’s shares were acquired through vehicle company Calvados Global Services Ltd, which is owned by the former oil tycoon.

Read also: CBN To Make eNaira Available To Nigerians Without Internet

According to Nairametrics, Otedola has 5% shares that were purchased over the last 6 months at a price of N7 per share.

Otedola was the former chairman of Forte Oil PLC, an importer of fuel products before selling the company for an estimated $200 million in 2019.

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