Billionaire Femi Otedola Confirmed As Chairman Geregu Energy & Largest Shareholder ! nairalaw.com

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FBN Holdings Plc in a statement on Saturday has confirmed billionaire investor and Chairman Geregu Energy Femi Otedola as the group’s single majority shareholder after the acquisition of 5.07% of its entire shareholdings from the Nigerian Exchange.

The bank said this in a notification signed by its company secretary, Seye Kosoko submitted again to the Nigerian Exchange, as FBNH valuation rising strongly to N440 billion the share ramp-ups.

Less than 24 hours after the FBNH team denied in a notification of possible acquisition of shares by Mr Femi Otedola, it has now been confirmed that the business mogul had acquired a 5.07 per cent equity stake in the company.#

In the first half of the 2021 financial statement, FBNH indicated the group has no single individual with at least 5% shareholding as the figure made available put its free float at 99.71%.

When a company’s share price started popping, it is more likely that an investor is pumping money to take a position for specific reasons, stockbrokers told Swordpress.

From a low point of N7.30 early in the year, FBNH share price peaked at N12.40, according to a mid-day report on Friday before it settled at N12.25 per share at the close of the week trading session.

Kosoko, categorically affirmed in the latest statement that Otedola and his nominee now own a 5.07 per cent equity stake in the company., giving the billionaire strong influence on the strategy and operations of the financial service group.

“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., said Otedola is now the largest single shareholder in the company.

Kurfi who dispelled the rumours that Otedola had acquired FBN Holdings said 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 Otedola started buying into the company in July when the opportunity arose. However, the news agency gathered that it was Oba Otudeko that sold all his stakes due to the 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. #FBNH Confirms Chairman Geregu Energy Femi Otedola Largest Shareholderder

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