Connect with us

    Hi, what are you looking for?

    E-Financial

    FBN Holdings Confirms Otedola’s Acquisition of 5.07% Equity Stake

    FBN Holdings has issued another statement, affirming the equity stake of Mr Femi Otedola in the company.

    Company Secretary, Mr Seye Kosoko, on Saturday posted on the Nigerian Exchange (NGX) Ltd website affirmed that Otedola and his nominee now own 5.07 per cent equity stake in the company.

    “We refer to our communication to the market dated October 22, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

    “This morning, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Ltd, that their client, Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Ltd have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

    “Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent,” said the statement.

    Commenting on the issue, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., told the News Agency of Nigeria (NAN) in Lagos that Otedola is now the largest single shareholder in the company.

    Kurfi who dispelled the rumours that Otedola had acquired FBN Holdings said that he was only the largest single shareholder.

    He noted that 95 per cent of FBNH shares were still in the hands of other shareholders, comprising Pension Fund Administrators and other individuals.

    Kurfi said that Otedola started buying into the company in July when the need arise.

    However, a reliable source told NAN that it was Oba Otudeko that sold all his stakes due to issues he had with the Central Bank of Nigeria.

    “If he put up his shares for sale, anyone that has money is free to buy such shares.

    “Otedola is not the only one that bought, someone else bought too.

    “Once a company has left 20 per cent of their stake to the public they are within the regulations.

    “The only requirement is that those that bought need to notify the Securities and Exchange Commission, once they do that there is no infraction,” said the source.

    (NAN)

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    News

    Russia’s Finance Ministry announced on Wednesday, September 24, that it plans to raise the country’s value-added tax (VAT) to help finance the ongoing war...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    Tech

    Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has said Nigeria’s collaboration with the Japan International Cooperation Agency (JICA) is...