The name Femi Otedola conjures up the thought of money and business dexterity. And that is what the billionaire businessman has done with his acquisition of additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company.
Otedola outbid Tunde Hassan Odukale, another shareholder previously with the same quantum of holdings, to emerge the single majority shareholder.
Otedola moved his shareholding to 7.57% after acquiring 2.5% stake to surpass Odukale whose indirect shares were partitioned into two: 4.16 percent and 1.20 percent — in what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders, according a report in The Cable.
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According to the report, quoting insiders who confirmed Otedola’s moves to acquire more shares, that he is poised to become the chairman of the bank as the single largest shareholder.
The report say based on his current status as FBN largest shareholder ( the equity stake of Otedola is now 7.57 percent of the issued shares capital), after regulatory approvals, he will nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.