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Otedola does not have controlling FBN Holding shares, says nominee

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Owns five per cent FBN Holding shares, bank group confirms

FBN Holdings (FBNH) Plc on Saturday has now confirmed that Mr Femi Otedola has indeed acquired a 5.07 per cent equity stake in the company.

This is coming barely 24 hours after it denied notification of possible acquisition of bulk shares by the business mogul.

FBNH’s Company Secretary, Mr Seye Kosoko, in a statement issued on Saturday posted on the website of the Nigerian Exchange (NGX) Ltd. affirmed that Otedola and his nominee now own up to 5.07 per cent equity stake in the company.

Mr. Femi Otedola

“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, October 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.


Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., had told the News Agency of Nigeria (NAN) in Lagos that Otedola is now the largest single shareholder in the company.

Kurfi dispelled the rumours that Otedola had acquired majority shares in FBN Holdings but said he was the largest single shareholder.

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95 per cent of FBNH shares are still in the hands of other shareholders, comprising Pension Fund Administrators and other individuals, Kurfi revealed.

Kurfi said Otedola started buying into the company in July when the opportunity arose.


Oba Otudeko was said to have sold all his stakes in the bank group due to the issues he had with the Central Bank of Nigeria according to a NAN report.

However, it appears that Otedola is not the only bulk buyer of such shares.

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