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Femi Otedola, the biggest stakeholder of FBN Holdings, has stated that he owns 7.57 percent of the company.

Femi Otedola, the biggest stakeholder of FBN Holdings, has stated that he owns 7.57 percent of the company.
Femi Otedola, the biggest stakeholder of FBN Holdings, has stated that he owns 7.57 percent of the company.

Femi Otedola, a billionaire investor and chairman of the Geregu Power Plant, is the principal stakeholder of FBN Holdings, one of Nigeria’s most reputable banks and largest by branch network.

He holds 2,717,282,140 shares or 7.57 percent of the bank, according to the bank’s much-anticipated audited statements for the year ended December 2021, making him the single largest stakeholder with more than 5% ownership.

 

The bank’s first-quarter results for 2022 were also disclosed this week, confirming ownership of 2,717,282,140 shares, or 7.57 percent of the bank’s total of 35,895,292,791.
The audited statements reveal the outcome of a long-running shareholder feud that cast doubt on who is the majority owner of one of Nigeria’s most systemically significant financial institutions.

 

Why is this significant?
Since the billionaire investor declared he had bought a majority position in the bank, the majority ownership of FBN Holdings has been a source of concern.

 

 

This prompted Pencom, the Pension Funds Regulator, and the Nigerian Exchange, the Nigerian Stock Exchange’s operators, to intervene.


Any firm’s audited account is regarded as the official source of information about the company, making it the sole source of truth for corporate disclosures including results, shareholder information, and general company information.
  • At 7.57%, Mr. Otedola becomes the single largest shareholder of the bank.
  • The next largest shareholder of the bank as disclosed in the financial statement is Mr. Tunde Hassan Odukale with 4.31% direct and indirect ownership combined.

Shareholder Changes

  • From the disclosures seen by Nairametrics, Mr. Hassan Odukale acquired 1,546,289,714 units between March 2021 and March 2022 as the jostle for majority ownership ratcheted up.
  • Leadway Pension also added another 133,868,296 shares taking its ownership of the company to 1.01% from 0.64%.
  • However, Mr. Otedola’s acquisition of about 2.7 billion shares remains the largest single indirect and direct shares owned by a shareholder of the bank.
  • FBN Holdings has about 31,250,501,802 or 87.06% of its shares floating down from 94.95% of shares floating.

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