Billionaire businessman Femi Otedola purchased a total of 9,193,339 units of shares across two tranches, amounting to substantial investments in FBN Holdings. The first tranche saw him acquire 1,228,141 shares at N20.30 per share, totaling N24,931,262.30, while the second tranche involved 7,965,198 shares purchased at N19.90 per share, amounting to N158,507,440.20.
This follows Otedola’s recent acquisition of 797.7 million units of FBN Holdings’ shares valued at N17.2 billion earlier in the week, which raised his stake in the company to 11.6%. His aggressive purchasing spree included procuring 863.2 million shares in separate transactions last week, accounting for more than 99% of the trading activities in FBN Holdings. This acquisition strategy has solidified Otedola’s position as a major shareholder, surpassing his closest competitor, Oba Otudeko, in ownership percentages.
These moves indicates Otedola’s confidence strategic commitment to increasing his influence within the company’s shareholder structure. His continued investments are poised to impact the company’s governance and strategic direction moving forward.
Source: Vanguard