Black Billionaire Femi Otedola buys 5.07 percent stake in First National Bank holding FBNH

Femi Otedola is a Nigerian black billionaire who made his money from investing in Oil exploration and Oil products selling on a large scale. He left the oil business when the Technology stock started booming. Femi Otedola sold Forte Oil and invested the proceeds in Energy company and Techs. Recently, he also used part of his proceed to acquire a major stake in the First National Bank Holding, FBNH. 

Today, he announced that he purchased 5 percent steak in FBNH bank, a Nigerian bank. Although there were many mix up that the rumor of the 5 percent acquisition was false, it has been cleared by the bank that Femi Otedola bought a major state in FBNH bank.

The total shareholding has now taken Mr. Otedola’s ownership to 5.07% more than any other single shareholder on record. See excerpts of press release below;

“We refer to our communication to the market dated October 22, 2021 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, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited 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%.”