Otedola acquires additional 2.5% stake in FBN Holdings, to become chairman

Femi Otedola, billionaire businessman, has acquired an additional 2.5 percent in FBN Holdings Plc, this is according to sources in the financial sector. FBN Holdings is the parent company of First Bank of Nigeria (FBN). This latest development now brings Otedola’s stake far above other shareholders. 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. This latest move may make him the chairman of the bank as earlier reported in the media few weeks ago. (Courtesy Saturday Telegraph)