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First Bank of Nigeria Holdings (FBN Holdings), a prominent financial services group, led and partly owned by Nigerian billionaire businessman Femi Otedola, has secured its position as the country’s most valuable banking group.
As of the close of trading on Mon., Feb. 25, FBN Holdings’ market capitalization reached an impressive N1.22 trillion ($791.1 million), surpassing its counterparts in the Nigerian financial sector.
The surge in FBN Holdings’ market value is attributed to the substantial increase in the bank’s shares, now trading at N34 ($0.022), marking a notable 9.68-percent rise from its closing price on Fri., Feb. 23. This places FBN Holdings ahead of Guaranty Trust Holding Company Plc (GTCO Plc), led by Segun Agbaje, in terms of market capitalization.
Nigerian tycoon Femi Otedola’s game-changing acquisition
Influential Nigerian billionaire and philanthropist Femi Otedola made a significant move in October 2021 when he acquired a substantial stake in FBN Holdings. Since then, the bank’s shares on the Nigerian Exchange have experienced a remarkable surge, climbing from N6 in October 2021 to the current value of N34.
Otedola’s impact on FBN Holdings is further solidified by his appointment as a non-executive director earlier in 2023 and subsequent elevation to the position of Chairman during a board meeting on Jan. 31, 2024. These strategic moves underscore his growing influence in Nigeria’s business landscape, particularly in the financial sector.
FBN Holdings’ $201.1 million profit signals Otedola’s leadership triumph
The financial results of FBN Holdings have mirrored Otedola’s positive influence, with the leading financial services group reporting an outstanding 127-percent increase in profit for the 2023 fiscal year.
The group’s profit soared to an impressive N310.01 billion ($201.1 million), exceeding the N136.31 billion ($88.4 million) reported in the corresponding period of the previous year. Otedola’s investments and leadership have undoubtedly played a pivotal role in FBN Holdings’ remarkable financial performance.
As FBN Holdings continues to assert its dominance in the Nigerian banking sector, Otedola’s strategic vision and leadership are poised to shape the future trajectory of one of the country’s leading financial institutions.
