Femi Otedola, the billionaire investor and chairman of Geregu Power Plant, is the official majority shareholder of FBN Holdings, one of Nigeria’s most respected banks and largest by branch network.
The bank’s much-anticipated audited accounts for the fiscal year ended December 2021 confirmed he owns 2,717,282,140 shares or 7.57 per cent of the bank, making him the single largest shareholder with more than 5% ownership.
The bank’s 2022 first-quarter results, released this week, confirmed ownership of 2,717,282,140 shares, or 7.57 per cent of the bank’s total shares of 35,895,292,791. The disclosure in the audited accounts clarifies a long-running shareholder squabble that called into question who is the majority owner of one of Nigeria’s most systemically important financial institutions.
Since the billionaire investor announced he had taken a majority stake in the bank, the majority owner of FBN Holdings has been a source of contention.
This prompted Pencom, the pension fund regulator, and the Nigerian Exchange, the operators of the Nigerian Stock Exchange, to intervene.
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Any company’s audited account is regarded as the official source of information about the company, serving as the single source of truth for company corporate disclosures about results, shareholder information, and general company information.
Mr Otedola becomes the bank’s single largest shareholder with 7.57 per cent. Mr Tunde Hassan Odukale, with 4.31 per cent direct and indirect ownership combined, is the bank’s next largest shareholder, according to the financial statement.
Mr Otedola acquired more than 5% of the bank after accumulating shares over a long period, according to Nairametrics.
The bank confirmed Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited, had acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791 in a letter dated October 23rd, 2021, and seen by Nairametrics.
Mr Femi Otedola announced a 7.57 per cent increase in his shareholdings in FBN Holdings (First Bank’s parent company) a few days later.
Mr Otedola disclosed this in a letter to the bank dated December 9, 2021. According to the public disclosure of ownership, the disclosure officially made him the bank’s single largest majority shareholder.
Mr Femi Otedola is officially the single largest shareholder of FBN Holdings as of March 31st, 2022, according to the audited accounts.
