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FBN Makes U-Turn, Confirms Otedola Acquired ‘Substantial’ Stake In Holdings

FBN Makes U-Turn, Confirms Otedola Acquired ‘Substantial’ Stake In Holdings
FBN Makes U-Turn, Confirms Otedola Acquired ‘Substantial’ Stake In Holdings

FBN Makes U-Turn, Confirms Otedola Acquired ‘Substantial’ Stake In Holdings


Mr Femi Otedola, Chairman of Calvados Global Services Limited, has bought a significant stake in FBN Holdings Plc, according to the firm.


Touchaheart Nigeria reports that FBN Holdings announced the news on Saturday in a statement posted on the Nigerian Exchange Limited’s webpage.


“We refer to our announcement to the market on October 22, 2021 on the same subject whereby we stated that we will inform the public of any substantial acquisition following receipt of notification from the shareholder,” the statement added, signed by the company secretary, Mr Seyi Kosoko.


“FBN Holdings Plc received notification from APT Securities and Funds Limited this morning, October 23, 2021, that their client, Mr Otedola Olufemi Peter, and his nominee, Calvados Global Services Limited, have purchased a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.


“As a result of the preceding, Mr Otedola Olufemi Peter and his nominee now own 5.07 percent of the company.”


On Friday, FBN Holdings Plc had denied media reports that Otedola had acquired a significant shareholding in the company.


The holding company for First Bank of Nigeria Limited, in a statement signed by Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.


It had said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.


“FBN Holdings’ shares are openly traded as a listed company, and sale and acquisition of shares is expected in the normal course of business.”


We operate in a regulated environment, which requires shareholders to notify the company of significant shareholdings, even if the shares are held in separate vehicles, and the firm will then notify the regulators and the public as necessary.


“The corporation has yet to receive any notification of such acquisitions from the individual identified in the media report.”


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