…… Acquires additional 64.9 million shares
Billionaire businessman and Group Chairman of First HoldCo Plc, Olufemi Otedola, has further consolidated his control of the financial institution with the acquisition of an additional 64,878,666 ordinary shares valued at about ₦2.01bn.
A disclosure filed by the company on the Nigerian Exchange ,NGX, on Thursday confirmed that Otedola personally acquired 39,313,379 units at ₦31 per share in a transaction executed in Lagos on September 23, 2025.
The deal, worth ₦1.21bn, was complemented by another purchase of 25,565,289 units by Calvados Global Services Limited, a company linked to Otedola, amounting to ₦792.5m.
With the latest acquisitions, Otedola’s direct shareholding in FBN Holdings has increased to 3,251,346,245 units, representing 7.77% of the company’s issued shares.
His indirect stake, held through associated entities, has also risen to 3,491,125,586 units, or 8.34% of the company’s shareholding.
The transactions come on the heels of Otedola’s landmark acquisition of a controlling stake in FBN Holdings earlier this year.
Through a series of negotiated off-market trades executed at ₦31 per share, the businessman secured about 10.43 billion units, representing close to 40% of the company’s shares.
The deal, estimated at over ₦324bn, has been described by market operators as a turning point in the ownership structure of Nigeria’s oldest bank.
Otedola’s rise to majority control follows a prolonged tussle for influence at FBN Holdings’ board level. Former dominant shareholders, including Oba Otudeko and Hassan Odukale, are understood to have exited their positions in the wake of the mega transaction, paving the way for Otedola to emerge as the largest and most influential investor in the group.
Capital market analysts say the businessman’s increasing control is expected to shape the strategic direction of FBN Holdings in the years ahead, as his influence on board decisions grows stronger.
The development also marks a significant chapter in the ongoing transformation of Nigeria’s financial services sector, where ownership consolidation among high-net-worth investors continues to redefine the competitive landscape
