While the battle for control of FBN Holdings Plc, parent company of 130-year old First Bank of Nigeria Limited rages on, Olufemi Otedola, its chairman, reported spent about N16.022bn to acquire an additional 534,094,407 units of the company at N30 each.
According to a regulatory filing with the Nigerian Exchange Limited on Thursday, by Adewale Arogundade, the acting Company Secretary, the new shares were acquired between Monday, September 23, and Wednesday the 25th.
Findings by Investdata News reveal that Otedola, by the latest acquisition has raised his total shareholding to 4,721,697,111 ordinary shares, representing 13.15% of the group’s 35,895,292,791 units.
According to the unaudited report of the group for the half-year ended June 30, Otedola controlled 4,187,602,704 shares in direct and indirect holdings, representing 11.66% of total stake, a significant increase from 1,999,342,376 units or 5.57%.
A breakdown of the figure showed that while he held 1,125,681,332 units, or 3.14% directly; 3,061,921,372 or 8.53% was indirect; while another significant 3,110,400,619 units or 8.67% are held by the group’s former chairman- Oba Otudeko, through his Barbican Capital Limited.
This was followed by Mr. Tunde Hassan-Odukale (direct) 27,530,930 shares or 0.08%; and indirect- 1,552,705,788 units or 4.33%, bringing total stake to 4.40%.
Investdata News recalls that Otedola, chairman of Geregu Power Plc, had on Monday, June 24 acquired 797,946,415 units of the financial holding company at N21.58 each, just four days after he raised his stake to 11.63% by splashing N17.219bn on the FBNH shares
Otedola, according to the group’s financial reports, who has consistently raised his stake previously held 6.98% stake as of March 31, 2024, has now further widened the gap between him and the previous majority shareholder- Barbican Capital Limited an affiliate of Honeywell Group belonging to the long-time former director and chairman, Oba Otudeko. Barbican holds 3,110,400,619 units, or 8.67% stake in the group.
Barbican Capital is in court to contest his shareholding in the foremost financial services providers, laying claims to 5,386,397,202 units representing 15.1% of the group, and not 4,770,269,843 shares as claimed by FBN Group, of which the Central Bank of Nigeria (CBN) only verified 3,110,400,619 units siting incomplete documentation provided by investment vehicle.
The matter has been adjourned to October 2, 2024, for hearing of the substantive suit by the Federal High Court, Lagos, presided over by Justice Ayokunle Faji who granted the Third-party Notice, denied the motion for interlocutory injunction.
