Nigeria’s billionaire magnate and chair of Geregu Power Plc Femi Otedola has acquired a further interest in FBN Holdings Plc, the parent company of Nigeria’s oldest lender First Bank, an affirmation that the heated battle for the soul of the financial services group among its principal shareholders is not yet over.
Multiple sources with knowledge of the matter told this online media that Mr Otedola acquired at least 2.5 per cent additional interest in the company, bringing his total stake to 7.57 per cent. Mr Otedola previously made piecemeal acquisitions summing up to 5.07 per cent.
A disclosure of the latest development to the Nigerian Exchange (NGX) is expected on Friday, we learnt.
The purchase will formally consolidate his position as the single biggest shareholder of FBN Holdings, placing him well ahead of his closest rival Tunde Hassan-Odukale, FirstBank’s chairman, whom he has come in contention with since the news of his share acquisitions broke into the open late October.