Politics

Otedola raises stake in FBN Holdings by 4.63%

The Chairman of FBN Holdings, Femi Otedola, has acquired 4.63 per cent of the banking group’s shares in two buying and selling periods to emerge as the bulk shareholder of the group.

In a discover filed on the Nigerian Exchange Limited about administrators dealing on Monday, the billionaire businessman purchased 2.22 per cent stakes of the enterprise, which was 797,946,415 models of shares at N21.58 per unit to convey the transaction to N17.22bn.

Earlier on Thursday, Otedola had purchased a complete of 863,180,810 models of shares price N18.95bn. Otedola acquired 316,506,776 models of FBN Holdings shares instantly at N21.91 per unit and not directly via an organization associated to him, Calvados Global Services Limited, Otedola purchased 546,674,034 models at N21.97 every.

According to the just lately launched audited results of the financial institution, Otedola held 40,033,982  (0.11 per cent) instantly and 1,989,342,376  models (5.54 per cent) as of December 2023, decrease than the three,110,400,619 models (8.67 per cent) instantly held by Barbican Capital Limited, an organization associated to businessman and former Chairman of the financial institution, Oba Otudeko.

With his newest acquisition, he has successfully change into the biggest shareholder of the banking group, one of many oldest in Nigeria and a strategically necessary financial institution.

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Before he emerged because the chairman of the board in January, Otedola was appointed as a Non-Executive Director of the corporate in July 2023. His appointment was accredited by the CBN and, subsequently, the shareholders on the Annual General Meeting held on August 15, 2023.

Meanwhile, within the first quarter of 2024, FBN Holdings grew its gross earnings by 181.43 per cent to N1.60tn. FBN Holdings additionally improved its monetary ratios, with curiosity earnings contributing 60 per cent of whole earnings, whereas non-interest earnings grew by 153.67 per cent to N601.70bn. The HoldCo’s revenue earlier than tax additionally elevated by 25.15 per cent to N350.59bn in Q1 2024.

The holdco disclosed plans to lift N300bn in contemporary capital to fulfill new regulatory necessities

Analysts at Proshare Strategic Advisory Group highlighted that the outcomes mirrored FBN Holdings’ potential to navigate inside and exterior challenges successfully.

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