Home » Nigerian billionaire Femi Otedola becomes largest shareholder in Nigeria’s oldest bank

Nigerian billionaire Femi Otedola becomes largest shareholder in Nigeria’s oldest bank

Femi Otedola boosts stake with $12.5 million investment, becomes largest shareholder of FBN Holdings.

by Omokolade Ajayi
Femi Otedola

Key Points:

  • Femi Otedola solidifies his stake in FBN Holdings, acquiring $12.5 million in shares, now holding 9.42% of the leading lender.
  • Otedola purchased 863,180,810 shares through Calvados Global Services, raising his stake to 9.42% in FBN Holdings, surpassing Otudeko’s holdings.
  • FBN Holdings’ Q1 2024 profit skyrockets 315.8% to $149.7 million, driven by substantial income growth and asset expansion.

Nigerian billionaire Femi Otedola has solidified his position as the largest shareholder in First Bank of Nigeria Holdings Plc (FBN Holdings), the parent company of Nigeria’s oldest commercial bank, First Bank of Nigeria Limited, with a $12.5 million investment. This move follows his acquisition of additional shares worth over $7.7 million in the first quarter of 2024.

According to a notification of share dealing by insiders issued on the Nigerian Exchange on June 20, Otedola, chairman of FBN Holdings and Geregu Power Plc, purchased a total of 863,180,810 shares in FBN Holdings. The transactions were executed on the Nigerian Exchange floor on June 20 through Calvados Global Services Limited, one of Otedola’s companies.

Femi Otedola raises stake, surpassing Otudeko’s holdings

Femi Otedola, with a $1.4 billion fortune according to Forbes, acquired 316,506,776 shares at an average price of N21.91 ($0.0145) per share and 546,674,034 shares at an average price of N21.97 ($0.0146) per share.

This purchase, valued at N18.95 billion ($12.56 million), increased his stake from 7.01 percent (2,517,282,140 shares) to 9.42 percent (3,380,462,950 shares), surpassing Obafoluke Otudeko, who holds an 8.67 percent stake (3,110,400,619 shares) through Barbican Capital Limited.

Otedola’s strategic FBN Holdings investment

In October 2021, Otedola made a notable acquisition of a 5.07 percent stake, equivalent to 1,818,551,625 shares in FBN Holdings, for N22.27 billion ($54.2 million at the time). Subsequent purchases have incrementally increased his holdings to the current level, demonstrating his strategic commitment to the banking group.

Otedola’s influence has extended beyond ownership; his appointment as chairman of FBN Holdings has further solidified his impact on the group’s direction. Under his leadership, FBN Holdings reported a remarkable 127 percent profit increase in the 2023 fiscal year, surpassing $210 million. The group’s profit reached N310.01 billion ($219.25 million), a significant rise from N136.31 billion ($96.4 million) the previous year.

FBN Holdings’ Q1 profit jumps 315.8 percent

In Q1 2024, FBN Holdings posted a net profit of N208.2 billion ($149.7 million), marking a 315.8 percent increase from N50.1 billion ($36 million) in the same period last year. This growth was driven by a surge in interest income to N454.98 billion ($326.5 million) from N179.6 billion ($128.9 million), and a rise in fee and commission income from N42.87 billion ($30.8 million) to N63.6 billion ($45.7 million). Gains from financial instruments also contributed, amounting to N288.94 billion ($207.73 million) in Q1 2024.

The group’s total assets grew to N21.58 trillion ($15.51 billion) by March 31, 2024, up from N16.94 trillion ($12.17 billion) at the end of 2023. Retained earnings increased from N588.9 billion ($423.37 million) to N794.4 billion ($571.1 million), reflecting the robust financial health of FBN Holdings under Otedola’s leadership.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.