Femi Otedola Regains Position as First Bank’s Majority Shareholder with 9.41% Stake

Billionaire businessman, Femi Otedola

Femi Otedola, the Chairman of FBN Holdings, has solidified his position as the largest shareholder in First Bank. His recent acquisition of N18.9 billion worth of the group’s shares on the NGX has boosted his stake to 9.41%. This move surpasses his previous 7.01% ownership and places him ahead of Oba Otudeko’s Barbican Capital Limited, which holds an 8.67% stake in the bank.

Otedola expressed his confidence in the bank’s future, stating, “First Bank remains a cornerstone of Nigeria’s financial sector, and I believe in its resilience and growth potential.” His increased ownership grants him significant influence over the bank’s strategic decisions and direction.

Analysts are closely monitoring this development, considering its impact on the bank’s operations and governance. Investors and industry observers await further details on Otedola’s plans and how they align with the bank’s growth trajectory.

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